Indian Railway Accounts:
What is common with the Govt of India Accounts
1.
Classification of Government Accounts i.e.,
Consolidated Fund of India, Contingency Fund of India and Public Account of
India.
2.
Voted and Charged Expenditure
3.
Audit authority of Financial transactions - CAG
- Comptroller & Auditor General of India
4.
Funds voted by Parliament
5.
Appropriation Accounts presented to Parliament
6.
Budget
7.
Account
Current
8.
Exchequer Control
9.
Ways & Means
10.
GFR - General Financial Rules
11.
Demands
for Grants
12.
Major Heads & Minor Heads (Classification of
Expenditure and Earnings)
Indian Railways: what is unique in comparing other Depts in
Govt of India
1.
Maintenance of Accounts by Dept itself ( in
Other Depts - by CAG)
2.
Operation of Minus Debit and Minus Credit
3.
Keeping the accounts of the railways on a
commercial basis outside the regular government account. Thus maintaining Two sets of Accounts.
4.
Link Heads ( i.e., Demands Payable, Traffic,
Labour & Demands Recoverable) connecting Commercial Accounts with Government
Accounts.
5.
Preparation of Profit & Loss Account and
Balance Sheet
6.
Separate Codes and Manuals
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