The management of financial resources in the public sector is the heart of government administration of financial planning and control in public sector.
Financial control can then be see as the process, which usurps that financial resources are obtained economically and used effectively and effectively in the accomplishment of desired goals. Thus it can be said to be an assurance process, which includes the process of decision-making.
In the light of current economic problems in the country, the financial planners especially those in the public sector concerned with financial control of the government funds are faced with a lot of problems, example, include direct embezzlement, large scale salary frauds and contract inflates.
Financial control also stresses on the acquisition of adequate funds as well as application of such funds so raised.
The researcher were motivated to chase this topic because of the necessity for the government to prevent and minimize fraud and embezzlement in the public sector, through the proper book keeping of income and expenditure in public sector.
This study aims at the effective application of financial control vote expenditure and allocation books (DVEA)
REVIEW OF RELATED LITERATURE
According to Roover the keeping of accounting records can de dated to the periods of the early Greeks and Romans.
He also revealed that evidences has been fund that double entry originated simultaneously in several trading centres gradually over a period of time. Some concepts under the system mentioned above were described and included the following:
1.Double entry assures a concept of the business entry and business relationship.
2.Transactions were recoded in monetary terms and this implies that iterms were compared in terms of a common denominator. Thus, the assumption that economic events would be measured in terms of monetary units was implied form the beginning.
3.The use of expense and liquidity in financial control implies a partial understanding of distinction between capital and income. The expansion of trade in the Italian cities brought about the accumulation of wealth. The individual ownership was being replaced by trading through the method of partnership. The sharing of risks associated with trading was permitted
Also partnership allowed the people with substantial wealth to combine with younger trades who had the energy to see to the administration of the business. There was a case of a solvent partner who furnished capital to the business on which he has to receive interest.
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