Scope of Public Finance
The scope of public finance includes the following.
1. Public Revenue
In this branch, we study all those sources from which the government derives its revenues
.
2. Public expenditure
Here we study the main principle of public expenditure. Along with that, we also study all those ways and means through which the government keeps check on its expenditure.
3. Public debt
The government expenditure often exceeds government income in abnormal times. To meet the deficit in the budget, the government borrows from the public. Modern governments also borrow from the public to promote the economic development of the country.
4. Financial administration
In this branch, we study such important subjects as the financial management by the government, the preparation of the budget and its final acceptance by the legislature. We also study here how the government keeps a check on its expenditure through auditing of accounts etc.
The scope of public finance includes the following.
1. Public Revenue
In this branch, we study all those sources from which the government derives its revenues
.
2. Public expenditure
Here we study the main principle of public expenditure. Along with that, we also study all those ways and means through which the government keeps check on its expenditure.
3. Public debt
The government expenditure often exceeds government income in abnormal times. To meet the deficit in the budget, the government borrows from the public. Modern governments also borrow from the public to promote the economic development of the country.
4. Financial administration
In this branch, we study such important subjects as the financial management by the government, the preparation of the budget and its final acceptance by the legislature. We also study here how the government keeps a check on its expenditure through auditing of accounts etc.
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