An Assessment Of Public Sector Accounting And Its Impact On Financial Control System In Nigeria

CHAPTER ONE INTRODUCTION 1.1 Background of the study Accounting has been defined as the business language, and the accounting profession as the backbone of the corporation. This is due to the fact that accounting, in addition to its functions, serves as the custodian of an organization's resources and also serves as a vehicle for deploying these money in such initiatives as to support survival and growth. According to Akeju (2011), while public sector accounting is theoretically identical to private sector accounting, the focus of public sector accounting is considerably different. The majority of government organizations and municipalities must track monies earned from tax revenues as well as expenditures tied to projects or allocations. Furthermore, governments may be required to adhere to a set of accounting standards that differ from those...
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