what is the importance of public sector accounting
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.
The purpose of a public sector is to give service to the customers
1. The private sector accounting prepared accrual basis but public sector Accounting prepared cash basis. 2. The public sector account fixed assets treated expense but Private sector account fixed assets treated capital. 3. The public sector account analysis report Public but private sector account analysis report not public. 4. The public sector account fixed assets not calculated depreciation but private sector account fixed assets depreciation calculated.
Accounting is undoubtedly important in a public sector:Helps in rendering superiority for procuring resourcesSupplies products and services through adherence of the budgetManages public money with accuracy
money set aside for expenses
Standards of consistency, quality, information sharing between Accountants, and transparency in reporting are the base objectives of public sectors accounting.