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Course Assignment: BAAC1102 Principles of Accounting 1
Semester 2 AY 2020-21
Table of Content:
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Introduction:
Heading
Page Number
cover page
1
content page
2
Introduction
3
Discussion
4&5&6
Conclusion
7
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Governmental accounting is considered one of the most important types of accounting
branches that are used by governments in general. To evaluate financial accounts. What
distinguishes government accounting from others is that it is non-commercial accounting and
does not seek to achieve any profits or determine accounting profits. Government accounting
is the body responsible for improving and developing standards related to annual financial
reports. Government accounting helps to understand and improve government performance
related to the use of local government financial records. Likewise, through government
accounting, funds are disbursed to pay expenses for providing services by government
agencies.
Discussion:
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The function of government accounting is in the process of recording, describing, analysing,
and classifying government financial statements, and carrying out all financial work
according to reliable methods and in the time allocated to that, such as Registrar of
companies, customs administrations, taxes and production fees, with the necessity to take into
account all necessary financial controls and restrictions. Governmental accountability is
concerned with overseeing government sector expenditures and includes preparing detailed
financial reports, which maintains integrity and transparency and limits financial corruption
in countries.
Government accounting system requirements :
For the accounting system to achieve the goals for which it was set, it must fulfil
requirements such as the clarity of the rules followed in the registration as well as the
accuracy of the data recorded in the records so that they are not subject to change.
Availability of a system for internal control that ensures verification of the integrity of the
various financial works and the detection of errors or manipulations that may occur in them,
considering in designing the system by being able to clarify the financial and economic
results of the various activities of the state.
Importance of government accounting:
Executing the government's financial tasks in the allotted time, and using the most
appropriate method, Taking into account all the necessary financial controls for that.
Maintaining all accounting records in an organized manner, and within a mechanism
through which information can be retrieved and accessed.
Provide the necessary financial data regularly, which allows the competent authorities
to carry out follow-up and control work, as well as enable them to make sound
decisions, and provide the necessary data for the auditors.
Providing effective management tools and means for both government expenditures.
and government revenues.
It is noted from the foregoing that government accounting is of great importance in providing
information and financial data that enable governments to be accountable, and enhance the
ability to understand periodic financial reports, including annual ones, which increases the
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ability to make sound decisions at the appropriate time, and reflects positively on the
economic, social, and political aspects. And others.
The state budget:
The state’s general budget: It is estimated data for the state’s revenues and expenditures for a
future financial period, usually a year.
Mock the state budget:
The general budget is one of the most important financial policy tools, as it plays an
important and significant role in achieving many economic, political, financial, social, and
administrative goals:
1- The budget is considered a necessary tool in the government’s hand to influence economic
activity in the country.
2- A budget is a necessary tool for the government through which it can contribute to the
social balance.
3- A budget is a necessary tool for the government to coordinate between resources and uses.
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The difference between government accounting and financial accounting is that financial
accounting can be applied in various sectors, including the public and the private, while the
work of government accounting with its functions and programs is limited to the government
sector only, and this includes taxes, budgets, spending, and revenues for countries or states.
Governmental accounting is of a narrow and limited scope, compared to large-scale financial
accounting.
Where the concept of financial accounting refers to one of the accounting fields or branches
that have the task of recording commercial and financial transactions within a specific period,
as these transactions are summarized and used later in preparing the financial statements.
Where the work of government accounting is limited to planning, follow-up, and control, as
well as accountability, as government accounting is followed by state supervision, while the
state or government has no right to interfere in the functioning of financial accounting in
institutions that do not fall within its ownership, as government accounting is followed for the
government budget, unlike financial accounting Which does not follow the government
budget.
Conclusion:
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Finally, the accounting system that works within the public sector field is called government
accounting, and it works within this scope only, while the accounting system adopted by
different business platforms in all its fields is called financial accounting, and the function of
the two systems is to understand and define the financial or monetary position of the
institution Or the organization, whether governmental or otherwise, in a clear, specific, fair,
accurate, periodic and regular manner.

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Course Assignment: BAAC1102 Principles of Accounting – 1 Semester 2 – AY 2020-21 Table of Content: 1 Heading Page Number cover page 1 content page 2 Introduction 3 Discussion 4&5&6 Conclusion 7 Introduction: 2 Governmental accounting is considered one of the most important types of accounting branches that are used by governments in general. To evaluate financial accounts. What distinguishes government accounting from others is that it is non-commercial accounting and does not seek to achieve any profits or determine accounting profits. Government accounting is the body responsible for improving and developing standards related to annual financial reports. Government accounting helps to understand and improve government performance related to the use of local government financial records. Likewise, through government accounting, funds are disbursed to pay expenses for providing services by government agencies. Discussion: 3 The function of government accounting is in the process of recording, describing, analysing, and classifying government financial statements, and carrying out all financial work according to reliable methods and in the time allocated to that, such as Registrar of companies, customs administrations, taxes and production fees, with the necessity to take into account all necessary financial controls and restrictions. Governmental accountability is concerned with overseeing government sector expenditures and includes preparing detailed financial reports, which maintains integrity and transparency and limits financial corruption in countries. Government accounting system requirements: For the accounting system to achieve the goals for which it was set, it must fulfil requirements such as the clarity of the rules followed in the registration as well as the accuracy of the data recorded in the records so that they are not subject to change. Availability of a system for internal control that ensures verification of the integrity of the various financial works and the detection of errors or manipulations that may occur in them, considering in designing the system by being able to clarify the financial and economic results of the various activities of the state. Importance of government accounting: • Executing the government's financial tasks in the allotted time, and using the most appropriate method, Taking into account all the necessary financial controls for that. • Maintaining all accounting records in an organized manner, and within a mechanism through which information can be retrieved and accessed. • Provide the necessary financial data regularly, which allows the competent authorities to carry out follow-up and control work, as well as enable them to make sound decisions, and provide the necessary data for the auditors. • Providing effective management tools and means for both government expenditures. and government revenues. It is noted from the foregoing that government accounting is of great importance in providing information and financial data that enable governments to be accountable, and enhance the ability to understand periodic financial reports, including annual ones, which increases the 4 ability to make sound decisions at the appropriate time, and reflects positively on the economic, social, and political aspects. And others. The state budget: The state’s general budget: It is estimated data for the state’s revenues and expenditures for a future financial period, usually a year. Mock the state budget: The general budget is one of the most important financial policy tools, as it plays an important and significant role in achieving many economic, political, financial, social, and administrative goals: 1- The budget is considered a necessary tool in the government’s hand to influence economic activity in the country. 2- A budget is a necessary tool for the government through which it can contribute to the social balance. 3- A budget is a necessary tool for the government to coordinate between resources and uses. 5 The difference between government accounting and financial accounting is that financial accounting can be applied in various sectors, including the public and the private, while the work of government accounting with its functions and programs is limited to the government sector only, and this includes taxes, budgets, spending, and revenues for countries or states. Governmental accounting is of a narrow and limited scope, compared to large-scale financial accounting. Where the concept of financial accounting refers to one of the accounting fields or branches that have the task of recording commercial and financial transactions within a specific period, as these transactions are summarized and used later in preparing the financial statements. Where the work of government accounting is limited to planning, follow-up, and control, as well as accountability, as government accounting is followed by state supervision, while the state or government has no right to interfere in the functioning of financial accounting in institutions that do not fall within its ownership, as government accounting is followed for the government budget, unlike financial accounting Which does not follow the government budget. Conclusion: 6 Finally, the accounting system that works within the public sector field is called government accounting, and it works within this scope only, while the accounting system adopted by different business platforms in all its fields is called financial accounting, and the function of the two systems is to understand and define the financial or monetary position of the institution Or the organization, whether governmental or otherwise, in a clear, specific, fair, accurate, periodic and regular manner. 7 Name: Description: ...
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