History of Fiscal Administration and the Theory and Purpose of Taxation
HISTORY OF FISCAL ADMINISTRATION AND THE THEORY AND PURPOSE OF TAXATION
Introduction
Fiscal Administration is not difficult to define. In simple terms, fiscal administration is the branch of economics that deals with the revenues and expenditures and their impact on the economy. It is the manner of collecting something from the constituents and spending it also for the constituents. And the exact definition according to http://www.wisegeek.com/what-is-fiscal-administration.htm, fiscal administration is the act of managing incoming and outgoing monetary transactions and budgets for governments, educational institutions, nonprofit organizations, and other public service entities. Constituents charge leaders, whether governmental or organizational, with establishing fiscal policy as part of their duties in relation to responsible fiscal administration. Fiscal policies are tools for the development of fiscal planning budgets, based on the receipt of anticipated funding. As fund disbursement in the form of payroll, purchases, or other expenses occur, management reports appropriate accounting information back to organizational leaders. Historical data, future revenue projections, and current budget demands determine needed adjustments. The entire process forms the basis for future fiscal administration decision making.
Leaders of government, nonprofits, and other public service entities have a fiduciary responsibility to those who put them in office, individuals better known as constituents. Effectively managing the fiscal administration of an entity contributes to its overall financial health and ability to continue serving constituents. As such, laws dictate much of the particulars with regard to preparing financial statements, recording transactions, and balancing budgetary demands for such organizations. Fiduciary responsibility dictates that these reports demonstrate responsible management and recording of all activities involving monies paid to or
Introduction
Fiscal Administration is not difficult to define. In simple terms, fiscal administration is the branch of economics that deals with the revenues and expenditures and their impact on the economy. It is the manner of collecting something from the constituents and spending it also for the constituents. And the exact definition according to http://www.wisegeek.com/what-is-fiscal-administration.htm, fiscal administration is the act of managing incoming and outgoing monetary transactions and budgets for governments, educational institutions, nonprofit organizations, and other public service entities. Constituents charge leaders, whether governmental or organizational, with establishing fiscal policy as part of their duties in relation to responsible fiscal administration. Fiscal policies are tools for the development of fiscal planning budgets, based on the receipt of anticipated funding. As fund disbursement in the form of payroll, purchases, or other expenses occur, management reports appropriate accounting information back to organizational leaders. Historical data, future revenue projections, and current budget demands determine needed adjustments. The entire process forms the basis for future fiscal administration decision making.
Leaders of government, nonprofits, and other public service entities have a fiduciary responsibility to those who put them in office, individuals better known as constituents. Effectively managing the fiscal administration of an entity contributes to its overall financial health and ability to continue serving constituents. As such, laws dictate much of the particulars with regard to preparing financial statements, recording transactions, and balancing budgetary demands for such organizations. Fiduciary responsibility dictates that these reports demonstrate responsible management and recording of all activities involving monies paid to or