accounting

government obtains most of financing from voluntary taxpayer resource provides and every citizen may be said to have "shake" in government assets

Parties Interested in the Financial Operations of Government

Answer explanation

general public

legislature

government officials

 portion of which shall be recorded as expense of the agency at the end of the accounting period.

 is prepared to summarize all the information necessary to complete the end-of-period financial reports and prepare other financial analyses. It is prepare before the construction of financial statements and before the adjusting entries are entered in the journal and posted.

The financial statement which shows the amount and nature of assets, liabilities, and government equity as of a specific period. It is also known as a Statement of Financial Position or a Statement of Financial Condition.

types of account

Answer explanation

· Asset Account

· Liability Account    

· Equity Accounts

· Revenue or Income Accounts

· Expense Account

· Contract Account

the necessity of complying with legal provisions

lack of profit motive of government

in 1494, an italian monk also known as _______ and FATHER OF ACCOUNTING. His work is SUMMA DE ARITHMETICA GEOMETRIA PROPORTIONALITA accounting cycle as practiced today

Government accounting in Egypt had a similar development. But with the introduction of ----- as a writing material, records became less cumbersome. Also, it permitted a wider use of supporting documents.