EXCHEQUER Meaning and
Definition
-
The term "exchequer" refers to a government institution or department, commonly found in countries following the British governmental model, that is responsible for managing and overseeing the financial affairs of a nation. The primary function of an exchequer is to collect, store, and allocate funds on behalf of the government.
Originating in medieval England, the exchequer historically served as a treasury where revenues, taxes, and other forms of income were received and accounted for. It played a vital role in fiscal administration, ensuring the proper disbursement of funds for public expenditures, such as infrastructure, defense, and the operation of government services.
In contemporary times, the exchequer generally operates under a more complex framework, encompassing a wide range of financial activities. It involves the management of public debt, budgetary planning and execution, auditing and accounting, as well as providing financial advice to the government.
The exchequer is often supervised by a senior government official, such as a chancellor, treasurer, or finance minister, who oversees the financial affairs of the nation, sets economic policies, and ensures the proper functioning of the exchequer department. The institution plays a crucial role in maintaining the financial stability and economic well-being of a country, as it is responsible for ensuring the availability and proper utilization of financial resources.
-
• A treasury; in familiar language, cash or funds in hand; a court of law having exclusive jurisdiction in all cases affecting the public revenue; a court of common law.
• To institute proceedings in the Court of Exchequer.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Common Misspellings for EXCHEQUER
Etymology of EXCHEQUER
The word "exchequer" has its origins in Old French. It is derived from the Middle French term "eschequier", which was originally used for a chessboard. "Eschequier" came from the Latin word "scaccarium", which also referred to a chessboard. However, the Latin term was used more broadly to denote the "Exchequer", a financial office responsible for the management of royal revenues in medieval England. Over time, "eschequier" transformed into "exchequer" in English and specifically referred to the government department responsible for collecting and administering revenue. Hence, the word "exchequer" is rooted in the imagery of a chessboard, reflective of its fiscal management scope.
Similar spelling words for EXCHEQUER
Infographic
Add the infographic to your website:
