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Finance and Accounting - Research Paper Example

Consequently, it will be difficult to show the inability of the public accounts to meet their debt obligations. Moreover, governments is ever in a position to adjust their tax levels in order to collect more revenue that can be utilized in meeting their financial / debt obligations., both the federal and the state governments are capable of adjusting upwards ort introducing new tax on the citizens. This will make them collect additional revenue that is needed in meeting their debt obligations. In addition, statements that are prepared by the government are not always subjected to intensive audits as those of the private sector. The security exchange commission, which is a government department, is charged with the obligation of ensuring that firms operate according to the act in order to have a smooth running of the financial markets. However, they do not have the ability to execute this mandate on the side of other government departments making government accounts susceptible to manipulation and falsification with a bid to hide bankruptcy positions. Private firms are in addition to the tight regulations they are subjected to closely monitor by external auditors who have to make their reports to the shareholders (Graham 138). This therefore makes the financial position of private entities known compared to those of the public sector. Besides, government and their agencies that are faced with bankruptcy charges get salvage from the federal governments, which have the ability to make the

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payments to the debtors and defend their position. Private entities on the other hand do not have any option in cases that they are faced by bankruptcy accusations. If proved bankrupt, private entities only have the option of liquidating their assets in order to meet their...
Managers of public sectors and their agencies are the politicians. Politicians are elected by the citizens to act on their capacity and serve their interests when in office. After being granted this mandate, the citizens bequeath their duty of keeping the politicians accountable. Worse still, the leadership portrayed by the politicians is always authoritative, as they do not give the opportunity for the public to look and assess the performance of public entities. This thus makes it impossible to uncover, dwindling financial positions in the public as opposed to the private companies where the shareholders have access to the financial statements and can put the management to account for how the resources have been used. Failure to do so, grants the shareholders an opportunity to dismiss the directors and appoint new ones who can manage successfully the businesses. This has shielded the government from having their bankruptcy being uncovered. Finally, the creditors of public organizations assure that there is no risk in lending to the government. This makes them reluctant to panic and have worries on whether their money will be repaid. The government debt is considered risk free since the government can do anything to ensure that the obligations are repaid. Lenders to private firms are always interested in the
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The different environments of accounting in government and the private sector cause the differences in the reporting between the government and the private sector. The core objective of government agencies is not the profit motive but the need to provide public goods and services…
Finance and Accounting
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