what is public sector accouting?

Expert Solution

Usually an entitys main objective is to maximise the profit by boosting all the activities and to get competitive advantage among the marketplace.

The public sector accounting is an accounting method applied to non profit pursuing entities in the public sector, including central and local governments, and quasi governmental special corporations for which the size of the profit does not provide an effective measurement for evaluating performance. The main difference between the public sector accounting and private sector accounting is that in public accounting sector, public accounting is being part of a third party company who do the accounting for other companies whereas private accounting is working for a particular company and involves setting up systems and recording the transactions that make up the financial statements.

SUMMARY:

It is the most important approach for recording and reporting management acts, helping public managers to achieve their objectives. Here their aim will be not to maximise the profits but to render services to public citizens.

ekkarill92 answered 1 year ago

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