Getting to Know the Scope of Public Finance
Public finance is the finance that deals with public bodies at local, state as well as national levels. It deals with both expenses as well as income of public bodies. Problems and principles relating to public or government bodies are also dealt with in public finance.
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Nature of Public finance
Public finance is considered to be both a science as well as art. We consider it to be science because there are a lot of principles included in its study. You also study policies and problems that are there beyond raising of these funds. You learn how to collect tax and how tax should be spent.
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On the other hand, as an art, Public Finance helps person who is concerned adopt certain policies and principles that helps in solving all problems related to government in the best way. In order to benefit society it is important to adopt a way that is proper, logical and appropriate according to the time. It depends on government personnel as to how best they can take out money for serving the interest of the public.
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If you want to know the scope of Public finance then going through points mentioned below will be the ideal solution:
- Expenses of Public
If you want to perform various functions for public welfare then you can ask from government. Government collects funds from different sources by different state authorities.Main principles of public expenses are studied here. Here you also get to know about the effect these expenditures have on the various sectors. Here you also come to know about various ways which government uses to keep a check on expenses.
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- Public Revenue
This is a part of public finance that is used to study various sources from where government collects funds.Taxes are the most important source of government revenue. It is for this reason that all taxation sources, incidence of taxation and principles of taxation are considered to be subject matter of public finance.
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- Public Debt
Like any other individual, government also helps in borrowing funds from public to meet various obligations. There are also certain abnormal situations like famine, floods, war and natural calamities where government makes use of these funds. When there is some sort of deficit in the budget then government tries to borrow funds from public.
Government also borrows certain funds in the normal situations also for its promotional functions that certainly helps in economic development of country. If you take public finance assignment solutions from us then you can be sure that your assignment will be completed within given deadline.
- Financial administration
It is this branch of public finance where you get to know how financial operations are undertaken. You get a very good idea about how financial operations of government are controlled. Here you control of things that include budget preparation, auditing of government accounts etc.
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In public finance in most cases we study financial management. Here you will come to know in details about various documents relating to budget estimates. There are also certain revised estimates present that need to be studied thoroughly.
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