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  • Ch1 Seatwork

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    Tabordan Almae
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    Government accounting refers to accounting for public funds and their usage. The document outlines 8 questions regarding objectives of government accounting under Philippine law, the creation and purpose of the Public Sector Accounting Standards Board, the development of Philippine Public Sector Accounting Standards, the responsibilities of government offices related to accounting, basic accounting and budget reporting principles, how general purpose financial reporting can provide useful information and accountability, and the concept of responsibility accounting.

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    Government accounting refers to accounting for public funds and their usage. The document outlines 8 questions regarding objectives of government accounting under Philippine law, the creation and purpose of the Public Sector Accounting Standards Board, the development of Philippine Public Sector Accounting Standards, the responsibilities of government offices related to accounting, basic accounting and budget reporting principles, how general purpose financial reporting can provide useful information and accountability, and the concept of responsibility accounting.

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    11 views1 page

    Ch1 Seatwork

    Uploaded by

    Tabordan Almae
    Government accounting refers to accounting for public funds and their usage. The document outlines 8 questions regarding objectives of government accounting under Philippine law, the creation and purpose of the Public Sector Accounting Standards Board, the development of Philippine Public Sector Accounting Standards, the responsibilities of government offices related to accounting, basic accounting and budget reporting principles, how general purpose financial reporting can provide useful information and accountability, and the concept of responsibility accounting.

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    © All Rights Reserved
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    of 1

    Public Accounting and Budgeting

    2nd Semester, AY 2022-2023

    Name:
    Year and Section:

    Questions:

    1. Define government accounting.


    2. Enumerate the objectives of the government accounting according to Section 110, Presidential
    Decree 1445.
    3. Explain briefly the purposes of creating the Public Sector Accounting Standards Board (PSASB)
    4. Explain the processes of developing the Philippine Sector Accounting Standards (PPSAS)
    5. What are the government offices primarily charged with the accounting responsibility? Explain
    their respective responsibility
    6. What are the basic accounting and budget reporting principles under the Government Accounting
    Manual?
    7. How would the general purpose financial reporting in the public sector provide useful
    information for decision making and demonstrate the accountability of the government entity?
    8. Explain the concept of responsibility accounting.

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