Write any four features of governmental accounting. |
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| Ans : The four features of government accounting are given below:
a. Based on financial acts and rules:-Government account should be strict on the provisions made on finance act and rules.
b. Based on double entry concept:-Government accounting is based upon double entry concept of bookkeeping. It assumes that every financial transaction affect two sides i.e. the debit and credit. Thus, every transaction under government accounting is recorded considering dual effect.
c. Based on budget system:-All the financial transactions under government accounting are based under budget system. They are classified and recorded under various budget head and subheads. It helps to keep control over the budget.
d. Emphasis on banking transaction:-All government transactions are supposed to be performed through banks. All revenues are collected in bank account and expenditures are paid through bank.
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