1. What is the purpose of government accounting?

These are the purpose of Government Accounting. The first is to record all transactions of the
Government, the Revenues (Tax collected), and expenses (Expenditures) of the Government. The second
is to provide reliable financial data and information on how public funds work. The third is maintaining
systematic records of cash and store items to prevent misuse of government property. By giving historical
financial data on government revenues and expenditures, it will be easier to estimate the annual budget.
Also, to assist in the preparation of various financial statements and reports. To avoid spending more than
the Government approved budget allows. Lastly, to make expenditures in accordance with the
Government's relevant act, rules, and legal provisions.

2. What type of accounting does the government use?

The Government Accounting Standards Board (GASB), the official source of GAAP for state and
local governments, has issued accrual accounting standards. As government entities focus on this year's
promises, the updated accrual accounting has been used and accepted.

3. What is unique about government accounting?

The Uniqueness of Government Accounting compared to the other branches of Accounting is its
emphasis is on accountability, budgets are legally binding papers that must be entered into an accounting
system. Fund accounting is used, and Encumbrance accounting is employed, which must be linked to the
accounting system.
4. What are the three forms of governmental accounting?
a. Governmental,
b. Proprietary, and
c. Fiduciary

5. Who is charged with government accounting

a. Commission on Audit (COA) - has the exclusive authority to promulgate accounting and
auditing rules
b. Department of Budget and Management (DBM)
c. Bureau of Treasury (BTr)
d. Government Agencies.