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What way is government accounting different from public company accounting?

 a. Government accounting has far more rules than public company accounting

 b. Government accounting occurs only once per decade

 c. The chart of accounts and financial statements are classified and organized differently

 d. Governments trade their shares in a different market than Public companies and thus report differently   

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Question added by حسين محمد ياسين , Finance Manager , مؤسسة عبد الماجد محمد العمر للمقاولات العامة
Date Posted: 2016/02/03
Sultan Alghamdi
by Sultan Alghamdi

 c. The chart of accounts and financial statements are classified and organized differently

 

Government accounting differs from public company accounting primarily in purpose and regulation. Government accounting focuses on accountability and compliance, ensuring public funds are used efficiently, while public company accounting emphasizes profitability and investor relations. Additionally, government entities follow different accounting standards, such as GASB, compared to private companies that adhere to GAAP. Just like in Friday Night Funkin , where strategies vary for each character, the approaches differ significantly in these accounting sectors.

Option C is the right answer 

Elyasali Ebrahim
by Elyasali Ebrahim , Cashier cum Data Entry and Staff Accountant , Al Rawabi group of companies

The right answer is option C. 

Ahmed Alkhateb
by Ahmed Alkhateb , Independent Accounting , Self employed

Option C is the right answer 

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