You must complete Regulation of the Capital Market to unlock this Lesson.
CONTENTS:
- Public sector accounting
- Sources of government revenue
- Capital expenditures
- Recurrent expenditures
- Head and sub-heads
- Capital and revenue account
PUBLIC SECTOR ACCOUNTING:
Public sector can be defined as the government sector whose affairs or services are made known to the public (people in general) in aggregate and in detail reflecting all transactions involving the receipt, transfer and disposition of its fund and properties.
Public sector accounting can also be defined as the process of recording, analyzing and interpreting the financial transactions of the government.
Government accounting shows the receipts and disbursement of public funds in all levels of government. This is governed by the constitution of the Federal Republic of Nigeria 1979 as amended in 1989.
PURPOSE OF PUBLIC SECTOR ACCOUNTING:
- To serve as a basis for decision making
- To depict the source of government revenue
- To serve as a basis for appraisal of the performance of management.
You are viewing an excerpt of this lesson. Subscribing to the subject will give you access to the following:
- NEW: Download the entire term's content in MS Word document format (1-year plan only)
- The complete lesson note and evaluation questions for this topic
- The complete lessons for the subject and class (First Term, Second Term & Third Term)
- Media-rich, interactive and gamified content
- End-of-lesson objective questions with detailed explanations to force mastery of content
- Simulated termly preparatory examination questions
- Discussion boards on all lessons and subjects
- Guaranteed learning
ClassHall Instructor