Governmental accounting is an umbrella term which refers to the various accounting systems used by various public sector entities. In the United States, for instance, there are two levels of government which follow different accounting standards set forth by independent, private sector boards. At the federal level, the Federal Accounting Standards Advisory Board (FASAB) sets forth the accounting standards to follow. Similarly, there is the Governmental Accounting Standards Board (GASB) for state and local level government.
Read more about Governmental Accounting: Public Vs. Private Accounting, Governmental Accounting
Famous quotes containing the words governmental and/or accounting:
“Almost every thing, especially of governmental policy, is an inseparable compound of the two [good and evil].”
—Abraham Lincoln (1809–1865)
“I, who am king of the matter I treat, and who owe an accounting for it to no one, do not for all that believe myself in all I write. I often hazard sallies of my mind which I mistrust.”
—Michel de Montaigne (1533–1592)