What are the features of good government accounting, and how do these apply or do not apply in GUYANA?

Government accounting refers to the accounting of financial transaction by the government. It involves use of accounting system which is different from that used in other organizations (“Features and objectives of government accounting” 2020) . It’s features are as follows:- Profit and loss – It reveals how public fund is utilised for populist measures or fir creating some assets. Effective rules and regulations for determining the accounting procedure. There is effective budgetary control through government accounting. Funds can’t be used beyond what is allocated. There is proper auditing done from another independent government authority and qualified reports are published, making the government answerable for any ill will. Government transaction are to be done through medium of banks only (“Features and objectives of government accounting” 2020). How can these be applied or not applied in Guyana Ministry of public services, department of accounts, looks in the government accounting system of Guyana. It can adopt all best practices in its accounting system such as proper rules and regulations, auditing through independent authority and quarterly reports publishing in the open domain. It can maintain proper verification records of accounts and also making it available for all the stakeholders to have better answerability and accountability. Right to information can be promoted to make public aware of all the government transactions and use of public funds (Accountant general department 2021). References Features and objectives of government accounting. CommerceMates. (2020, December 23). Retrieved from https://commercemates.com/features-objectives-of-government-accounting/ Accountant general department. Ministry of Finance. (2021, January 20). Retrieved October 19, 2022, from https://finance.gov.gy/about-us-2/departments/accountant-general-department/

What are the features of good government accounting, and how do these apply or do not apply in GUYANA?

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