What is the utility of acco
unting to the government ?
Answers
Answer:
you can search on Google
as on Google you will get the right answer
I don't mean that you will not get on this app the answer I mean that if you are not getting on this app you can search on Google you have two options
Explanation:
Accounting is an important function of any business. Knowing when and where your money is coming and going is crucial. Without that knowledge, it's impossible to know who or what got paid or needs to be paid. In the business world, also know as the private sector, this is pretty straight forward. In government, or the public sector, revenue streams function a little bit differently.
The majority of governmental agencies are funded at some level by funds received from various taxes or grants. Because government agencies serve as stewards of taxpayer money, using the money to provide valuable services and goods to the public, there's a need for both uniformity and transparency in the way financial data is reported. To establish uniformity in their accounting processes, government agencies follow what's referred to as generally accepted accounting principles, or GAAP for short.
These principles serve as the basis for the rules and regulations put forth to establish uniform accounting procedures in government. Having a uniform method in which financial data is reported allows agencies to show that they're functioning as good stewards of taxpayer dollars. The Government Accounting Standards Board, or GASB for short, is an independent, non-political entity that helps governments report their finances in a transparent manner by establishing and providing oversight for GAAP.