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NCJRS Abstract

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NCJ Number: 69033 Find in a Library
Title: OBJECTIVES OF GOVERNMENTAL ACCOUNTING AND FINANCIAL REPORTING
Journal: GOVERNMENT ACCOUNTANTS JOURNAL  Volume:29  Issue:1  Dated:(SPRING 1980)  Pages:43-50
Author(s): F L GREATHOUSE
Date Published: 1980
Page Count: 8
Format: Article
Language: English
Country: United States of America
Annotation: DIFFERENCES IN THE OBJECTIVES OF GOVERNMENTAL AND PRIVATE BUSINESS ACCOUNTING AND FINANCIAL REPORTING ARE NOTED, WITH EMPHASIS UPON THE ROLE OF ACCOUNTING AND FINANCIAL REPORTING IN GOVERNMENT.
Abstract: IN PRIVATE BUSINESS, RESOURCES ARE DIRECTED TOWARD THE PRODUCTION OF PROFIT; IN GOVERNMENT, RESOURCES ARE COMMITTED TO THE PROVISION OF SERVICES FOR CITIZENS, WHICH ARE NOT EASILY MEASURED IN PROFIT TERMS. THE NUMEROUS DIFFERENCES BETWEEN PRIVATE BUSINESS AND GOVERNMENTAL ACCOUNTING AND REPORTING RESULT FROM FUNDAMENTAL MODEL AND MEASUREMENT DIFFERENCES. WHEREAS FINANCIAL DECISIONS IN PRIVATE BUSINESS ARE BASED ON PROFIT MARGINS, DECISIONS IN GOVERNMENT ARE BASED UPON WAYS TO RAISE REVENUE TO PROVIDE NEEDED SERVICES AND THE MANAGEMENT OF COSTS WITHIN THE BOUNDARIES OF ANTICIPATED REVENUES. GOVERNMENT ACCOUNTING AND FINANCIAL REPORTING SHOULD BE DESIGNED TO ASSIST IN SUCH DECISIONMAKING. ACCOUNTING AND FINANCIAL REPORTING CAN BEST DO THIS BY PROVIDING DATA ON FISCAL COMPLIANCE; FINANCIAL VIABILITY AND SERVICE RESULTS; ECONOMIC RESOURCES, OBLIGATIONS, EQUITY, AND CHANGES IN THE SAME; SERVICES RENDERED; MANAGEMENT STEWARDSHIP AND PERFORMANCE; AND MANAGEMENT EXPLANATIONS AND INTERPRETATIONS. (RCB)
Index Term(s): Accounting methods; Decisionmaking; Financial management; Governmental planning
To cite this abstract, use the following link:
http://www.ncjrs.gov/App/publications/abstract.aspx?ID=69033

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