Objectives of Government Accounting

Government accounting only involves the analysis and recording of transactions, but not the classification, summarization, and communication of those transactions.

Government accounting does not aim to control the acts of public bodies and officers in the receipt, disposition, and utilization of funds and property.

One of the objectives of government accounting is to provide guidance for future operations based on past operations and present conditions.

Reporting on the financial position and results of operations of government agencies is not one of the objectives of government accounting.

Government accounting does not focus on responsibility, accountability, and liability of entities entrusted with government funds and properties.

The sources of government funds include income from sales of government properties.

Utilization of government funds includes expenditures on daily operational expenses only.

Like business accounting, government accounting aims to produce information that is useful for making economic decisions.