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Compare and contrast the key features of public and private sector organisations and explain how these might impact on the role
Finance & Accounting
Pages 8 (2008 words)
PUBLIC VS PRIVATE SECTOR AND ACCOUNTING PRACTICES BY NAME: COURSE PRESENTED TO: DATE: Public vs. Private Sector and Accounting Practices Introduction Accounting is the backbone of any organisation. Through accounting, an organisation is able to ensure good record keeping, a good platform to base all judgments and decisions affecting the business, discovering fraud and protecting it, acts as a security to get both short term and long term loans, is a basis through which investors judge the reputation of a company to invest in, and provides the strategic goals and dimensions of the company in line with its vision, mission and objectives.
Public sector involve organisations owned and operated by government or their agents and are mostly set up not for profit, but to offer essential services to the public, though profit still reminds one of the objectives of such organisations. Public sectors will major in owning, producing, providing, allocating and delivering goods and services for the government or the public, on either local or international levels, with service provision being more important than making profits. The managers are government appointees, making public companies political institutions. Private organisations. These ere organisations set up, owned, financed, and operated by business people with the single aims of harnessing opportunities to make a profit. The government in private companies only plays a regulatory role through its legal framework, but does not involve in any decision making in such organisations. Their main aim is to invest and harness resources as much as possible to make the maximum profit possible from the community. ...
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