Public Accounting: Best known for providing audits, CPAs who work in public accounting review company financial records for accuracy and accountability.
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.
Public accountant offer following services in addition to accounting: Keeping up with government rules. Establishing control and accounting systems. Constructing cash-flow models. Giving advice on asset sales, acquisitions, and mergers. Creating or updating funding. Providing services for business valuation.
Accounting is the way that business keep up with the money that comes in and goes out of their business.
What is the Economic consequence of accounting standard-setting
Accounting is the way that business keep up with the money that comes in and goes out of their business.
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.
The difference between public sector and private sector is that when you're in the public sector you work for the government whereas private sector is not. Same applies to accounting.
perspective