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Fundamental principles of costing

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Public finance: Meaning and Definitions


Meaning of public finance
Public finance is concerned with the study of revenue and expenditure of the “public authorities” the word; public authorities refers all sorts of government operating within a country; that is central government at the center, the state governments at the respective states and the local government like municipalities at the local level.
In public finance , the word ‘public’ means a group of people which represent by the government or we can say that the word ‘public’ is used to signify government. The word finance refers to monetary resources. Thus, public finance means the financial resources or income and expenditure of the government of a country.
Definitions of public finance
“Public finance is that part of political economics which discuses the way in which government obtain revenues and manage them.” - Chapman
“Public finance deals with the income and expenditure of public authorities and with the manner in which the one is adjusted to the other.” – Dalton
“Public finance deals with the expenditure and income of public authorities of the state and their mutual relations as also with the financial administration and control.” –Bastable
“A complex problem that centers around the revenue expenditure process of government is referred to traditionally as public finance” – R.A. Musgrave
“The investigation into the nature and principles of state expenditure and state revenue is called public finance.” – Adam Smith
“Public finance deals with the finance of the public as an organized group of under the institution of government. It thus deals only with the finance of government.” – Taylor
“ Public finance deals with the provisions, custody and disbursement resources needed for the conduct of public or governmental functions.” – H.L. Lutz
“The main content of public finance consists that of the examination and appraisal of the methods by which governing bodies provide for the collective satisfaction of wants and secure the necessary funds to carry out their purposes.” – Mrs. Hicks

In brief, public finance is that branch of economics in which the economic activities of the government are studied. It also studies how and when government raises public debt, manages financial administration of the government and maintain stability and growth of the economy and manages distribution of resources among different sectors of governments.

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  1. Optimus Prime15 March 2021 at 02:01

    Thank you because you have been willing to share information with us. we will always appreciate all you have done here because I know you are very concerned with our. broker dealer regulatory compliance

    ReplyDelete
  2. Farukbalua5 November 2022 at 00:20

    I am very Glad to see your informational Post! We will assemble your information into a presentable application packet to be submit to the state agencies. These debt settlement laws by state provide various services to consolidate your debts.

    ReplyDelete
  3. Alex joo5 December 2022 at 06:29

    bookkeeping service does not actually require an in-house accountant to exclusively handle it.

    ReplyDelete
  4. Chinafreight22 January 2023 at 16:23

    Debt management licenses are issued by the state or local government in which the debt management service is located. Each state has its own regulations regarding the licensing of debt management services, so the requirements may vary. Generally, the license requires the debtmanagement license service to be registered with the state and to maintain adequate records.

    ReplyDelete

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