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SubjectPaid lesson

PUBLIC SECTOR ACCOUNTING

ClassNotes Team 5 MIN READUPDATED 5 JUL 2026

FINANCIAL ACCOUNTING SSS3 SECOND TERM              

WEEK 6

PUBLIC SECTOR ACCOUNTING

Contents

  • Meaning of Public Sector Accounting
  • Differences between Public Sector Accounting and Private Sector Accounting
  • Government sources of revenue
  • Accounting procedures for revenue allocation/illustration
  • Cost budget  preparation and illustration

Meaning of Public Sector Accounting

Public Sector Accounting is the process of recording the financial transactions concerning the receipts and payments of government funds, in a systematic way, as well as their analysis and interpretation so as to guide governments and their agents in various financial decisions.

PUBLIC SECTOR ACCOUNTING

Governments Sources of Revenue

Government revenue means the total income accruing to the government of a country. This can be classified under different tiers of government.

a.       Federal Government: At the Federal level revenue…