Answer to Question #257449 in Accounting for Angel

Question

Describe the objectives of public sector accounting

Answer 1

Public Sector Accounting is an information system designed to measure financial information of public. Below are some of objectives of public sector accounting;

Firstly, is to ascertain the faithfulness of dealings and their obedience with the established laws, regulations and statutes where by public Sector expenditures should accord with the provisions of the Appropriation Acts and Financial Regulations. Secondly, the public sector accounting aims at providing evidence of stewardship. Rendering stewardship in this case is being able to account clearly and diligently for resources entrusted. Public Sector operators are reserved to display due diligence and sense of integrity in the collection and disposal of public funds.

Another objective of public sector accounting is assisting planning and control. Since the future is full of risks and uncertainties, public sector accounting plans to provide the focus of activities which are being pursued. Public sector accounting aims also in assisting objective and timely reporting where by the users of information on Public Sector Accounting are in a dash to bridge their knowledge gaps of what the Government of their country is doing.

Lastly, the public sector accounting aims at providing the basis for decision-making. This is because it is not easy to measure costs and benefits in financial terms in all respects.