Panchayat:Repo18/Law Manual Page0914

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Rule 2

              (i) “Balance Sheet" means a statement of the financial position of a Panchayat as at a given date, which exhibits its assets, liabilities, capital, reserve and other account balances at their respective book values;

              (j)“Bank Book” means a book of original entry for recording transactions pertaining to Bank/Treasury Accounts of the Panchayat;

              (k) “Budget" means a quantitative estimate of programmes and activities expressed in terms of money in respect of Incomes, Expenditures, Liabilities, and Assets anticipated for the relevant financial year. The Budget expresses the Panchayat's goals in terms of specific financial and operating objectives;

              (l) "Capital Expenditure" means expenditure intended to benefit future period in contrast to a revenue expenditure, which benefits a current period. Capital Expenditure is generally restricted to expenditure that adds fixed asset units or that has the effect of improving the capacity, efficiency, life span or economy of operations of an existing asset;

              (m) "Cash” means currency notes and coins.

              (n) “Cash Book” means a book of original entry for cash receipts and cash disbursements

              (o) “Cashier" means the person authorized to handle cash at the Panchayat Office;

              (p) "Commissioner" means the Commissioner for Rural Development:

              (q) "Director” means the Director of Panchayats;

              (r) “Ex officio Secretary" means any transferred officer appointed as Ex officio Secretary by a general or a special order of the Government as specified in sub section (11) of section 179 of the Act.

              (s) “Expenditure” means cost relating to the operations of an accounting period or the cost relating to the revenue earned during the period, the benefits of which do not extend beyond that period;

              (t) "Financial Statements” means the Balance Sheet, Income and Expenditure Statement, Receipts and Payment Statement, Cash Flow Statement and any other supporting statement or other presentation of financial data derived from accounting records;

              (u) “Forms” means any forms prescribed in these rules or on the basis of these rules;

              (v) “Function" means the services offered or functions performed by the Panchayat;

              (w) “Functionary" means the Secretary or other Ex officio Secretaries/ Implementing Officers of the Panchayat;

              (x) “Fund" means an activity for which separate Books of Accounts are to be kept and separate Financial Statements are required to be prepared, as prescribed by Government;

              (y) "General Ledger" means a compilation of all accounts used for accounting purposes;

              (z) "Government" means the Government of Kerala;

              (aa) “Income” means the money or money equivalent earned or accrued during an accounting period, including any grant, fund and contribution received from the Government; as op

              (ab) “Income and Expenditure Statement" means a Financial Statement, to present the revenues and expenditures for an accounting period and to show the excess of revenues over expenditure (or vice-versa) for that period;

              (ac) "Journal Book” means the book of original entry, in which, transactions not affecting Cash or Bank Accounts are recorded.