Explain method of government accounting
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To the extent of my knowledge.
Accounting does not depend upon whether it is for the government or for private sector.
The factor which creates the difference between accounting is that whether it is a trading concern, service provider, profit making company or public utility companies.
However, the way of accounting remains the same in any case the names of the Accounts prepared is just changed like for Trading Concern you prepare ‘Trading and Profit & Loss Account’ and for public utility you need to make ‘Income and Expenditure Account’
Accounting does not depend upon whether it is for the government or for private sector.
The factor which creates the difference between accounting is that whether it is a trading concern, service provider, profit making company or public utility companies.
However, the way of accounting remains the same in any case the names of the Accounts prepared is just changed like for Trading Concern you prepare ‘Trading and Profit & Loss Account’ and for public utility you need to make ‘Income and Expenditure Account’
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