StudentShare solutions
Triangle menu

Importance of Financial Accounting of Government Affairs in World and More Specifically in Africa - Research Paper Example

Not dowloaded yet

Extract of sample
Importance of Financial Accounting of Government Affairs in World and More Specifically in Africa

Government accounting is the process that encompasses recording, analysis, classification, summary, communication, and interpretation of financial information about government conduct in financial domain in aggregate. It is detailed reflection of transactions and other economic events involving the receipt, payments, spending, transfer, usability and disposition of assets and liabilities (International Federation of Accountants, 2000). 1.2 Purpose of Government Accounting: Government disclosure in accounting provides citizen evidence and reasoning for the raising of funds from public and donors and domains where the said amount is made useful with its cost and benefits information also exportable from such statements. Government accounting is also an important source of information for national and international investors about how the economy is being run based on internal revenues, local or international debts. Information disclosed in government accounting statements are fulfillment of “their right to know” about the government strategy regarding the accounting and finance of the country (GASB 2006, p. 5). Government accounting, concisely, is required to serve the following three purposes based on their priority (Chan, 2003): BASIC PURPOSE: Basic purpose of government accounting is to prevent and detect public treasury from corruption and graft. Citing report by the International Monetary Fund (IMF) and the International Development Association, Thomas (2001, p. 38) mentioned that countries with heavy debt and poor state of economic stability 'lack the practices and procedures necessary for budgeting, monitoring, and reporting on the use of public resources'. INTERMEDIATE PURPOSE: Intermediate purpose of government accounting is to ensure the robust and thorough financial management of public resources through budget planning and presenting actual activities. ADVANCE PURPOSE: The advance purpose of government accounting is to help government ensure its accountability to public. To achieve this purpose it is required to have efficiency on three levels; accountability of the bureaucracy to the chief executive, of the executive to the legislature, and of the government to the people. Transparency in government accounts serves to ensure efficiency in economy and a weapon against government theft and frauds. Accounting information can be used to monitor and enforce the terms of economic, social and political contracts; when government conduct any market transaction its information from financial statements can be used for economic accounting of government. Similarly, when government levies any tax to finance its budgetary needs, details regarding its need and benefit can be assessed for political accounting of government (Chan, 2003).Hence, accounting for government is more for accountability as it involves public resources. Acknowledgment of the importance of government ...Show more

Summary

Table of Contents 1.0 INTRODUCTION 2 1.1 Introduction to Government Accounting: 2 1.2 Purpose of Government Accounting: 2 1.3 Government Accounting in African Countries: 4 1.4 Aim and Objective of the Research: 5 1.5 Research Questions: 5 2.0 LITERATURE REVIEW 7 2.1 Overview of the African Countries’ Conditions: 7 1.2 Importance of Financial Accounting of Government Affairs in World and More Specifically in Africa: 8 1.3 Position of Accounting and Financial Disclosures of African Countries: 9 1.4 Government Accounting Problems in Africa: 12 1.5 Government Accounting Practices in Africa: 13 1.6 References from other Countries: 18 1.7 Reforms Needed: 20 3.0 RESEARCH METHODOLOGY: 22 Works Cite…
Author : qschuppe
Importance of Financial Accounting of Government Affairs in World and More Specifically in Africa essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the research paper on your topic
"Importance of Financial Accounting of Government Affairs in World and More Specifically in Africa"
with a personal 20% discount.
Grab the best paper

Related Essays

FINANCIAL AND MANAGERIAL ACCOUNTING
Therefore, it is important that a proper assessment of the various possibilities is done to ensure its success. Considering the scarcity of the available resources it is important to evaluate whether the project is worth investing or not. In other words it is important to gauge the viability of the project.
15 pages (3750 words) Research Paper
The World of Management: Accounting
Accountancy involves the analysis and recording of the business and fiscal endeavors of the company. Historical Overview According to Walker (238), in the nineteenth century many businesses did not need financial statements because corporations were in minimal numbers and most businesses were personal ventures.
5 pages (1250 words) Research Paper
Government corruption in Africa
Fighting Corruption b. Why has the process of combating corruption become a tuff task in Africa? IV. Conclusion Government Corruption in Africa Introduction The word corruption can simply be defined as moral pervasion where a person does not do a task in an honest manner.
9 pages (2250 words) Research Paper
Financial accounting Research Paper
Accounting gives a clear picture of the performance of an organization and enables these stakeholders to make informed decisions. Generally Accepted Accounting Principles are the set of broad and specific rules and concepts that govern financial accounting practices (Wild, 2005).
6 pages (1500 words) Research Paper
Accounting and Financial Management
This report will reveal the financial analysis techniques used to evaluate the financial performance of the two Airline Companies, airline A and airline B, and evaluate the company’s worthiness. The paper is divided into two sections. The first section is the analysis of the company’s profitability, liquidity and efficiency of the company, which is the main body of the paper.
6 pages (1500 words) Research Paper
Analyze the importance of American military forces, political and military leaders, and industry in the defeat of the Axis powers in World War II. How did the war transform the world and the place of the United States in international affairs
Allied leaders which were important included Franklin D. Roosevelt. Franklin Roosevelt decided to declare war with the attack of Pearl Harbor by the Japanese. Pearl Harbor was the worst surprise
2 pages (500 words) Research Paper
Accounting (International Financial Reporting)
2010, para.1). “Composition of International Accounting Standard Board (IASB) 14 members, of whom one is appointed as Chair and
1 pages (250 words) Research Paper
FINANCIAL AND MANAGERIAL ACCOUNTING
In other words it is important to gauge the viability of the project. This can be done using capital budgeting techniques like Net present Value, Internal rate of return,
15 pages (3750 words) Research Paper
Financial Accounting: FASB Statement of Financial Accounting Concepts
Coming to the point, the primary objective of the SFAC No.1 is Business Financial Reporting. The framework is designed to develop some objectives that would
3 pages (750 words) Research Paper
Financial accounting standards board
Since the amendment is at the proposal stage, private entities undergoing combinations are under no obligation to effect such in their recognition, measurement, recording, and reporting of identifiable intangible assets arising from such business
3 pages (750 words) Research Paper
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation