Meaning of Government Counting Terminology
Meaning of the term Accounting
Define the term accounting
Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business. Accounting also refers to the process of summarizing, analyzing and reporting these transactions.
The financial statements that summarize a large company’s operations, financial position and cash flows over a particular period are a concise summary of hundreds of thousands of financial transactions it may have entered into over this period.
Accounting is one of the key functions for almost any business; it may be handled by a bookkeeper and accountant at small firms or by sizable finance departments with dozens of employees at larger companies.
Meaning of the Term Accounting Officer
Explain the term accounting Officer
ACCOUNT OFFICER-government officers responsible with reporting and accountability.
-Is any officer appointed by the paymaster general pursuant to section 8 of the public finance act
-Accounting officers are normally the permanent secretaries of the respective ministry of Head of Department who are appointed by the permanent secretary in writing.
The Accounting Officer will be responsible for the following tasks and activities:
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