Prepare a 750-1,000-word paper in which you do the following:
a. Explain the philosophy of public finance.
b. Contrast governmental accounting with nongovernmental accounting.
c. Explain the relationship between budgeting and financial reporting in government.
The response addresses the queries posted in 784 words with references.
//Before understanding the concept of 'Payment of Cooperative and Governmental activities', it is required to have knowledge of Public Finance, as it helps in analyzing Governmental finance and Public economics. In this context, I am beginning with the philosophy of Public Finance.//
This paper describes about the concept of public finance and its philosophy. There is a comparison of governmental accounting and nongovernmental accounting. Apart from this, there is an explanation of the relationship between budgeting and financial reporting in government. This will assist the reader to gain insight about the role of public finance and different governmental procedures of accounting.
Philosophy of Public Finance
Public finance is a part of economics and related with those activities, which are associated with the payment of cooperative and governmental activities. It is divided into two terms, which are governmental finance and public economics. Public finance is based on different philosophy, which describes its way of operating various functions and procedures related to the public sources (Gaffney, 2008). There are mainly three aspects on the basis of which public finance functions. These are as follows:
Ø On the basis of different activities in which public sectors are involved and the way of their organization such as revenues and expenditures
Ø Anticipation and realization of the results of different governmental activities
Ø On the basis of assessment of alternative policies
Different items such as rent and land are viewed differently on the basis of these aspects of public ...
The response addresses the queries posted in 784 Words, APA References