(a) List; i. Three books of accounts used In... | WAEC SSCE - Financial Accounting - 2020 (Essay)

Question 1 Report

(a) List;
i. Three books of accounts used In public sector accounting
ii. Four users of public sector accounting information.

(b) State four differences between the private sector accounting and the public sector accounting

Answer

Answer Details

(a)(i) Three books of accounts used in public sector accounting

(Any three. Others: revenue register, deposit register.)

(a)(ii) Four users of public sector accounting information

(Any four.)

(b) Four differences between private sector and public sector accounting

Private sector accounting	Public sector accounting
Main objective is to determine profit or loss.	Main objective is accountability and stewardship of public funds, not profit.
Commonly uses the accruals basis.	Traditionally uses the cash basis (increasingly accrual/IPSAS).
Governed by company law and accounting standards (for example, IFRS).	Governed by the constitution, financial regulations, appropriation and enabling laws.
Owners provide capital and share in profit.	Financed mainly by taxes, levies, grants and loans; no profit is shared.
Prepares trading, profit and loss accounts and a balance sheet.	Prepares statements of receipts and payments, and budget-based reports.

(Any four.)

(a) List; i. Three books of accounts used In public sector accounting ii. Four users of public sector accounting information. (b) State four differences bet...