what is the importance of public sector accounting
Explain why it's important to study public sector accounting.
In public accounting you take a different board exam (CPA board exam in Philippines). In Managerial accounting (which is i am into) you don't get to study auditing, which CPA's does.
Public Company Accounting Oversight Board was created in 2002.
The general purpose of public accounting workers is to make sure people and companies follow the generally accepted accounting principles in financial statements. Public accounting workers also have a role within the income tax preparation industry.
This defines the statutory reason for the department existence
kamran ali
Public sector accounting is Government accounting. They have a tradition of calling a General Ledger account code a Vote Code. It is usually Cash Accounting as distinct from Accrual Accounting. The Vote Book is the Cash Book. The Chart of Accounts is the Chart of Vote Codes. As an example, the GL account code structure may be Fund Code and Vote Code. The Fund Code is the bank account and may be "G" for General Fund. The Vote Code may be 2101 where the first character 2 is for expense (1 is for Income) and 2101 may be for PURCHASES- OFFICE. They are very concerned about Budgets and Actuals with Monthly reporting showing how Actuals are performing against Budgets. The objective is not profit and loss but spending the whole budget by the end of the budget year.
what is the importance of public sector accounting
Public sector accounting is Government accounting. They have a tradition of calling a General Ledger account code a Vote Code. It is usually Cash Accounting as distinct from Accrual Accounting. The Vote Book is the Cash Book. The Chart of Accounts is the Chart of Vote Codes. As an example, the GL account code structure may be Fund Code and Vote Code. The Fund Code is the bank account and may be "G" for General Fund. The Vote Code may be 2101 where the first character 2 is for expense (1 is for Income) and 2101 may be for PURCHASES- OFFICE. They are very concerned about Budgets and Actuals with Monthly reporting showing how Actuals are performing against Budgets. The objective is not profit and loss but spending the whole budget by the end of the budget year.
Public Accounting: Best known for providing audits, CPAs who work in public accounting review company financial records for accuracy and accountability.
Explain why it's important to study public sector accounting.
In public accounting you take a different board exam (CPA board exam in Philippines). In Managerial accounting (which is i am into) you don't get to study auditing, which CPA's does.
Public Company Accounting Oversight Board was created in 2002.
The general purpose of public accounting workers is to make sure people and companies follow the generally accepted accounting principles in financial statements. Public accounting workers also have a role within the income tax preparation industry.
In addition to accounting and auditing, public accounting firms provide other services, such as tax advisement and management consulting.
Accounting is political in nature as final information from accounting reports has impact on the general public, whether it be a public or private company.