BUSINESS ADMINISTRATION
FINANCIAL MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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to mobilise revenue
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to insure investment banks
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to undertake public spending
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to audit results
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Detailed explanation-1: -The Public Financial Management System (PFMS) is a web-based application for payment, accounting and reconciliation of Government transactions and integrates various existing standalone systems. The primary objective of PFMS is to establish an efficient fund flow system and expenditure network.
Detailed explanation-2: -The key stakeholders include elected representatives, public officials, Provincial Assembly, civil society and the development partners. Complete understanding of designed interventions and acceptability of change within the government machinery backed by political commitment.
Detailed explanation-3: -Public finance is the study of the role of the government in the economy. It is the branch of economics that assesses the government revenue and government expenditure of the public authorities and the adjustment of one or the other to achieve desirable effects and avoid undesirable ones.
Detailed explanation-4: -The term “public financial management” commonly describes elements of an annual budget cycle, which typically centers around (1) budget formulation; (2) budget execution; (3) accounting and reporting; and (4) external security and audit.