Objectives of Public Sector Accounting

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What is the main objective of public sector accounting related to determining the legitimacy of transactions?

Compliance with statutes and accepted norms

What is the key responsibility related to evidence of stewardship in public sector accounting?

Rendering stewardship transparently and diligently for entrusted resources

How does strategic planning help prevent corporate failure according to the text?

By mapping out strategic plans to prevent or reduce corporate failure

What theory of governance should public sector establishments act in accordance with?

Mandate theory Signup and view all the answers

What are the adjuncts to skillful planning mentioned in the text?

Control measures Signup and view all the answers

What is the purpose of control measures in public sector accounting?

To avoid unnecessary deviations from the pursuit of original objectives Signup and view all the answers

What are the anxieties of users of public sector accounting information?

They are anxious to bridge their knowledge gaps on government activities. Signup and view all the answers

What do users of public sector accounting information treasure?

Prompt and accurate statistics to evaluate government performance. Signup and view all the answers

Why is it difficult to measure costs and benefits in financial terms in public sector organisations?

It is difficult to measure costs and benefits in financial terms due to the nature of public sector activities. Signup and view all the answers

What does the analysis of cost-benefit assess?

The economic and social advantages (benefits) and disadvantages or inconveniences (costs) of alternative courses of actions. Signup and view all the answers

What does the cost-benefit analysis ensure in public sector organisations?

It ensures that the welfare of the citizens is well provided for. Signup and view all the answers

What are some of the objectives related to public sector accounting information?

Enhancing the appraisal of the efficiency of management, highlighting revenue and expenditure, identifying funding sources for capital projects, evaluating economy, efficiency, and effectiveness, ensuring equivalent benefits for costs, providing details of long-term commitments and financial obligations, comparing actual performance with set targets, and proffering solutions to bottlenecks or problems identified. Signup and view all the answers

What does public sector accounting information aim to provide the basis for?

Decision-making. Signup and view all the answers

What do users of public sector accounting information aim to bridge?

Their knowledge gaps on government activities. Signup and view all the answers

What do public sector organisations find difficult to measure in financial terms?

Costs and benefits. Signup and view all the answers

What does the analysis of cost-benefit assess in public sector organisations?

The economic and social advantages and disadvantages of alternative courses of actions. Signup and view all the answers

Objectives of Public Sector Accounting

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