Which classification is based on important duties of the government?

Definition. The COFOG (Classification Of the Functions Of Government) is an international classification which breaks down data on general government expenditure from the System of National Accounts according to the different purposes or functions in which the funds are used.

What is functional classification of public expenditure?

– The functional classification categorizes expenditure according to the purposes and objectives for which they are intended, for example, education, social security, housing etc. This is very important for the purpose of policy formulation and allocative efficiency.

What are the 10 functions of government?

Major functions of modern government include (1) foreign diplomacy, (2) military defense, (3) maintenance of domestic order, (4) administration of justice, (5) protection of civil liberties, (6) provision for and regulation of the conduct of periodic elections, (7) provision for public goods and services, (8) promotion …

What is an example of a public body?

These include organisations such as the National Audit Office, the Parliamentary and Health Service Ombudsman and the Electoral Commission. The number and complex taxonomy of these bodies has led governments to focus on NDPBs in previous waves of public bodies reform.

What are the classification of public revenue?

In a modern welfare state, public revenue is of two types, tax revenue and non-tax revenue.

What are two classifications of government expenditure?

There are two categories of expenditures which are: Revenue Expenditures. Capital Expenditures.

What are government institutions?

government institution means any ministry, department, division, office or agency of State and includes all state-owned enterprises as defined in section 1 of the State-owned Enterprises Governance Act, 2006 (Act No.

Is school a public authority?

Within the education sector, it is the governing body of a school, further education institution or university that is the public authority.

Is a hospital a public body?

A hospital can be a public or private institution, depending on how it is governed.

Who proposed the function wise classification of public expenditure?

John Maynard Keynes
In the 20th century, John Maynard Keynes argued the role of public expenditure in determining levels of income and distribution in the economy.

What is Dalton’s classification of public expenditure?

Dalton classifies public expenditure into two categories – grants and purchase price. When the state incurs expenditure and does not get any commodity or service in return, the expenditure is classified as a grant. For example, expenditure on poor relief, payments of old age social insurance etc.

Which of the following is a classification of public debt?

Internal loans that make up for the bulk of public debt are further divided into two broad categories – marketable and non-marketable debt. The sources of public debt are dated government securities (G-Secs), treasury bills, external assistance, and short-term borrowings.

What is the characteristic of public expenditure?

Public expenditure must be made productively and efficiently. Canon of Sanction: Public spending should not be made without sanction od an appropriate authority. Canon of Surplus: Public expenditure should be done in a way avoiding deficit. Government must prepare budget to create a surplus.

What are the classification of budget?

There are four common types of budgets that companies use: (1) incremental, (2) activity-based, (3) value proposition, and (4) zero-based.

Who is the father of public finance?

Richard A. Musgrave is the father of public finance. Raja Chelliah is often referred to as “The Father of Tax Reforms”. You can read about the Taxation System in India – Types, GST, VAT, Objectives, Limitation, Laffer Curve in the given link.