thats is a true abswet
Yan na po ung answer
Accounting is an important function of any business. Knowing when and where your money is coming and going is crucial. Without that knowledge, it's impossible to know who or what got paid or needs to be paid. In the business world, also know as the private sector, this is pretty straight forward. In government, or the public sector, revenue streams function a little bit differently.
The majority of governmental agencies are funded at some level by funds received from various taxes or grants. Because government agencies serve as stewards of taxpayer money, using the money to provide valuable services and goods to the public, there's a need for both uniformity and transparency in the way financial data is reported. To establish uniformity in their accounting processes, government agencies follow what's referred to as generally accepted accounting principles, or GAAP for short.