Governmental Accounting

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GOVERNMENTAL ACCOUNTING

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15th June 2009

ABSTRACT

Accounting is a procedure that had been adapted by business organizations to monitor the progress of an organization . The books of accounts are mirrors that any external party can use to tell whether the management decisions of an organization are working positively or not State governments are currently using the similar phenomenon to control public expenditures . The state government officials who are in charge of finances are required

to make accounts statements to account to the public how the finances have been utilized . This has made the government leadership more responsible by investing in projects that generate more income to the government

GOVERNMENTAL ACCOUNTING

Government accounting is a system used by the public sector to balance expenditures and incomes of the government . It is used to ensure that government money is used effectively . The government receives funds from citizens through taxes and income from public utilities . The money collected is used to pay civil servants employees and to meet other government expenditures . The collected money is put in the treasury under the care of the finance minister . He is the one responsible to account for all expenditures of the government under the supervision of the head of state . Every year the serving minister of finance is required to read the government budget where he will clearly show how the government spent the money during the fiscal year

It is necessary for...