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Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. [1] [2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. [3]
- **Work Environment:** Typically employed directly by the organization in various sectors, including corporate, governmental, or non-profit organizations. In summary, public accounting focuses on serving external clients and often involves a broader range of services, while private accounting is centered on managing and analyzing financial ...
The Governmental Accounting Standards Board (GASB) is the source of generally accepted accounting principles (GAAP) used by state and local governments in the United States. [1] As with most of the entities involved in creating GAAP in the United States, it is a private, non-governmental organization.
Accrual accounting in the public sector is a method to present financial information on government operations. [1]: 45 [2]: 3 Under accrual accounting, income and expenditure transactions are recognized when they occur, regardless of when the associated cash payments are made.
The role of the public accountancy profession in working for or against the public interest is a key theme in public interest accounting. Abe Briloff's article, "Accountancy and Society: A Covenant Desecrated," [4] argues that public accounting firms have a social contract granting them monopoly privileges in return for protecting public interest.
Management accounting information differs from financial accountancy information in several ways: . while shareholders, creditors, and public regulators use publicly reported financial accountancy, information, only managers within the organization use the normally confidential management accounting information
The Public Financial Management and Control Law of 2006 require the government to adopt international accounting standards for the public sector. Based on this law, the government issued a public accounting regulation for central government entities in 2006 and established a Public Accounting Standards Board.
Public budgeting is a field of public administration and a discipline in the academic study of public administration. Budgeting is characterized by its approaches, functions, formation, and type. Budgeting is characterized by its approaches, functions, formation, and type.