Government accounting is one of the major displines in accounting,with relevant examples discuss the insrument/bible which accountant working in central and local government employ to perform work under their jurisdiction.
2007-06-18 01:14:33 · 3 answers · asked by daniel m 1 in Business & Finance ➔ Other - Business & Finance
Governments are different
Arguably, if governments are different from businesses, then government accounting rules and their reporting model should also be different.
Unique characteristics
When a government owes money, it has a liability just as does a business. And, when it carries out operations using subsidiary organizations, then it includes those activities in its financial statements, just as a business does. Many accounting rules for recognizing, quantifying, valuing and recording transactions and events are the same for government as they are for business. When unique government circumstances support a different accounting approach, PSAB recommends a different standard from the private sector rules only after a thorough consultation with its constituents.....(please continue reading at the link)
2007-06-18 03:58:59 · answer #1 · answered by Sandy 7 · 0⤊ 0⤋
Debits to the left. Credits to the right.
2007-06-18 01:46:58 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Kindly visit www.google.co.ke you will meet a detailed answer
2007-06-18 01:25:18 · answer #3 · answered by nimimitu; 1 · 0⤊ 0⤋