Financial Terminology for Drawing and Disbursing Officers

Financial Terminology for Drawing and

Disbursing Officers

-Dr. Lalit Kumar Setia*

In Government or Public sector, Drawing and Disbursing Officers (DDOs) perform financial tasks including their ordinary administrative activities. The charge of DDOs is a very genuine responsibility to verify activities in relation with the set rules. The DDOs should have knowledge of Service rules regarding Dismissal, Removal and Suspension of employees, Punishment and Appeal rules, Conduct rules, Leave rules etc. At their workspace, the rules and regulations are changed from time to time, therefore it is necessary to update according to the new environment. It is identified that they should have knowledge of all financial and administrative tasks to deal their matters easily and efficiently. Normally they remained unaware about the modified rules and their working activities are adversely affected due to this awareness. This training programme is especially designed and organized to fulfill their requirements. This is a single five days training programme having sessions on topics in relations with the duties and responsibilities of DDOs. 

The financial reforms are also taking place in the government sector to improve the efficiency and speed of accounting activities in government offices. The activities will be changed to a great extent after implementation of Accrual Base Accounting System. The aim of the course is to enable and improve the capability of the DDOs in understanding their role and duties for ensuring transparency and accountability in the government departments.

In Government Sector, the Drawing and Disbursing Officer is the one of the most responsible person. His duties are governed by rules and rules comprise terminology. Let us have an exposure to that terminology:

Financial Terminology

In the present day dynamic scenario, everyone wants to have some knowledge, if not an intimate knowledge of the various subjects and areas. Today, Financial knowledge is required everywhere to manage the organizational tasks with the financial perspective. For understanding finance, it is required to understand its key terms firstly. This chapter covers the meanings of many common and relevant terms of the finance, especially for the managerial employees having no much financial background.

Account:

In financial terms account means any of the following : (1) Entries in a ledger (q.v.) such as capital account, cash account, building account etc. which was historically a part of the ledger; (ii) A statement or bill requiring payment for goods or services; (iii) A statement of stewardship such as the financial accounts of Public Companies to their shareholders, liquidator’s or executor’s accounts etc.

Accountability:

A responsibility which makes or obligates a person to explain his actions by answering the whys and wherefores involving financial matters to others. For example, the directors of a public company have accountability to their shareholders at the annual general meetings and therefore, have to answer all questions put out to them by the shareholders.

Accountant:

A professional keeper and inspector of accounts (Oxford English Dictionary). A person qualified in book-keeping and cognate subjects.  One who is concerned with the making up of or analysis of accounts and with their use by organizations.

Accountant and Comptroller General:

The head of the accounts department of the Inland Revenue or customs and excise.

Accumulated Depreciation:

The total amount of depreciation provided on a fixed asset w.e.f. the date of purchase to the date when such amount has to be calculated. The figure is therefore, a sum total of several number of years’ depreciation. The company law makes it obligatory for a company to show its fixed assets at cost or a value after deducting the accumulated depreciation.  Normally a separate account is prepared for accumulated depreciation.

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