The following are the main features of government accounting.

• Profit And Loss. Since government is a public institution, its main objective is to maintain law and order in the country.
• Government Regulations.
• Double Entry System.
• Budget Heads.
• Budgetary Control.
• Banking Transaction.
• Auditing.

  What is accounting What are its objectives?

  The objective of accounting is to maintain systematic record of financial transactions. The objective of book-keeping is to ascertain the net profit or loss and to show the financial position of the business. The purpose of management accounting is to take important decisions relating to funds, costs, profits, etc.

  What are the government accounting system?

  Government accounting refers to the process of recording and the management of all financial transactions incurred by the government which includes its income and expenditures. Various governmental accounting systems are used by various public sector entities.

  How is government accounting different?

  While a business uses a budget as a management resource, a government uses it to demonstrate accountability to the public. A government must also report all cash pass-through grants and other financial assistance while business entities may exclude certain pass-through grants as revenues and expenses.

  Why do governments use fund accounting?

  Why Fund Accounting? Fund accounting is the way governments track revenues with purpose restrictions against the expenditures made for those g p purposes. Fund accounting makes it easier to identify which monies are available for specific purposes.

  What are two accounting objectives?

  Objectives of accounting in any business are; systematically record transactions, sort and analyzing them, prepare financial statements, assessing the financial position, and aid in decision making with financial data and information about the business.

  What are the objectives of preparing profit and loss account?

  The main objective of preparing profit and loss account is to achieve the operating results of a company at the end of accounting period. Profit and loss account is a nominal account having debit side and credit side.