government
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
How would you define government accounting and what are the essential elements of government accounting?
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Answer:
Government accounting:
Government accounting is accounting methods that are being followed by government institutions. It includes maintaining records and transactions that are being expensed by government that can be either expense or revenue. Mainly government accounting is being followed by companies that are wholly or partially owned by government which shall also include Public service undertakings, public companies. It is introduced to maintain records in timely and efficient manner.
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