Describe the FOUR (4) key accounting concept for public sector financial reporting.
(a) Describe the FOUR (4) key accounting concept for public sector financial reporting.
(b) Financial reporting in the public sector involves reporting on the government’s financial position and its financial performance. Essentially, it concerns a process of communicating the financial information, whereby elected official make informed choices about how to use the government’s limited resources to best serve the interest of the public. Discuss FOUR (4) objectives of financial reporting.
(c) All government revenues and monies received have to be accounted for into a fund known as the Consolidated Fund. Fund Accounting is a self-contained accounting entity with its own assets, liabilities, revenues, expenditures and fund balance. It is the
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