Public Sector Accounting

In: Business and Management

Submitted By sien0411
Words 938
Pages 4
Chapter 1 Introduction to Public Sector Accounting
Public sector is the government organizations which are set up to governance the activity of citizens and power to set up the rule to enable the citizens can live with harmony and also help them to resolve the problem more efficiency.
Public sector accounting is the information system that records, analysis, classifies, summarizes and communicates public sector entity financial and economic events, and their impacts, in term both which are emphasis in proper accounting maintenance of books and all records, compliance with the related laws, rules and regulations and comprehensive and accurate reports to help the related parties to make decision. (Syed Soffian Syed Ismail, 2011)
Private sector is the organizations that are develop by individuals which purpose is to get profit and is not state controlled. The private sector is included all for profit business that is not operating by the government and not more social responsibility.
Private sector accounting is consists of three basic activities that is identifying, recording and communication the economic event of a company. That is identify economic event such as transactions and investments, uses bookkeeping to systematic record the economic event and also use the financial statement to present their report to the people who are using that accounting information. (Roslyn Frenz)
Differences between Public Sector Accounting and Private Sector Accounting | Public Sector Accounting | Private Sector Accounting | Component | * Federal Government * State Government * Federal Statutory Bodies * State Statutory Bodies * Islamic Council of Malaysia | * Board of Director * Top management | Objective | It is accountable to the public which to ensure that the accounting prepare by public sector is reliable and accountability. | It is accountable to…...

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