Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

a) As highlighted in National Council of Governmental Accounting (NCGA), the overall primary goals of accounting and financial reporting for government/ public sector unit is

image text in transcribed
a) As highlighted in National Council of Governmental Accounting (NCGA), the overall primary goals of accounting and financial reporting for government/ public sector unit is to provide financial information useful for making economic, political and social decisions, and demonstrating accountability and stewardship. Required: i. Explain why the public sector in general should use a different reporting framework from the private sector. (4 marks) (CLO2:PLO5:C2) ii. Discuss on how the qualitative characteristics of financial report can enhance the quality of public sector reporting. (6 marks) (CLO2.PLO5:02) b) Differentiate the following: i. Statement of Financial Position prepared by the public sector entity and private sector entity ii. The matching principles used in preparation of financial statement by the public sector entity and private sector entity (6 marks) (CLO2:PLOS:C4) c) Explain the type information needed by the following users and what kind of decision to be made by them: i. Government auditors and oversight committee ii. Taxpayers and voters (4 marks) (CLO2:PLOS:C2) d) Discuss on how financial reporting by public sector enhance can enhance public sector accountability. (5 marks) II.DIS.CA

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Reporting Financial Statement Analysis And Valuation A Strategic Perspective

Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

9th Edition

1711

Students also viewed these Accounting questions