Accounting for Government is concerned with the system of Accounting that is used by public sector entity. For Example : In United States , there are two system of Accounting as there are two levels of government.In United States of America, Standards of Accounting are established by Federal Accounting Standards Advisory Board at Federal Level and by Government Accounting Standards Board at State level.Our Accounting for Government Assignment help provides student extended helping hand for all their homework assistance.
Government Accounting sometimes uses the system of Fund Accounting. Fund Accounting is the method where Accountability is done as per laws and regulations . Here the accounts are divided on the basis of specific purpose. According to U.S Department of State, Government Accountability means that all the elected as well as non elected public officials has the obligations to explain their decisions and actions to the citizens. Government Accountability can be achieved only when the public officials will be accountable to the people they serve.
Objectives of Government Accounting
- Government Accounting is done for the purpose of Accountability i.e Public must know whether the powers delegated to Government entities are doing their work correctly or not. Government entities elected must be accountable for the task delegated.
- To ensure efficiency and quality service delivery to the public.
Difference between Government Accounting and Private Accounting
|Government Accounting||Private Accounting|
|Governemnt Accounting has various goals such as ensure Social Accounting , Profit motive Accounting , Economic Accounting etc.||The main goal of Private sector Accounting is profit.|
|Fiscal Accountability is the responsibility of Government Accounting.||Preparing Financial Statement from Financial Information and analysing various reports is the key task of Private Accounting.|
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