Financial Statements - Government Financial Statements

Government Financial Statements

See also: Fund accounting

The rules for the recording, measurement and presentation of government financial statements may be different from those required for business and even for non-profit organizations. They may use either of two accounting methods: accrual accounting, or cash accounting, or a combination of the two (OCBOA). A complete set of chart of accounts is also used that is substantially different from the chart of a profit-oriented business

Read more about this topic:  Financial Statements

Famous quotes containing the words government, financial and/or statements:

    “The rights of persons, and the rights of property, are the objects, for the protection of which Government was instituted.”
    —James Madison (1751–1836)

    “... aside from the financial aspect, [there] is more: the life of my work. I feel that is all I came into the world for, and have failed dismally if it is not a success.”
    —Mary E. Wilkins Freeman (1852–1930)

    “If we do take statements to be the primary bearers of truth, there seems to be a very simple answer to the question, what is it for them to be true: for a statement to be true is for things to be as they are stated to be.”
    —J.L. (John Langshaw)