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Reaction Paper: Chapter 3 - Government Accounting Process

The document discusses the government accounting process which involves recording, organizing, summarizing and reporting financial transactions and the receipt and use of government assets. It describes the journals, ledgers and records used in government accounting and the different objects of expenditures. It also discusses the government accounting cycle which includes appropriation, allotment, obligation, disbursement authority, disbursement, billing, collections, adjustments and financial statement preparation.

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Clint Agustin M. Robles
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33 views2 pages

Reaction Paper: Chapter 3 - Government Accounting Process

The document discusses the government accounting process which involves recording, organizing, summarizing and reporting financial transactions and the receipt and use of government assets. It describes the journals, ledgers and records used in government accounting and the different objects of expenditures. It also discusses the government accounting cycle which includes appropriation, allotment, obligation, disbursement authority, disbursement, billing, collections, adjustments and financial statement preparation.

Uploaded by

Clint Agustin M. Robles
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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ORQUIA, ANNDHREA S.

BSA-32

REACTION PAPER: CHAPTER 3 – GOVERNMENT ACCOUNTING PROCESS

The government accounting process contains the exercises of breaking down,


recording, ordering, summing up and imparting exchanges including the receipt and
demeanor of government assets and property, and deciphering the outcomes thereof.
This interaction is like that of a business substance, then again, actually it joins
budgetary controls, like chronicle in the spending libraries and getting ready occasional
spending responsibility reports.

The book of accounts and registries employed in government were mentioned in


addition, the journals, ledgers, registries and data under it was explained clearly. I
learned that we've four object of expenditures that are the Personnel Services (PS),
Maintenance and Other Operating Expenses (MOOE), Financial Expenses (FE), and
thus the Capital Outlays (CO), the academician gave examples on every object of
expenditure to create it easier for North American nation to know. Another form that's
getting utilized by the governments in terms of observation disbursements and budget
of the government is termed Obligation Request Status (ORS). This video also had
discussed about the Government Accounting Cycle, under this topic are Appropriation,
Allotment, Incurrence of obligation, Disbursement Authority-NCA, Disbursement, Billing,
Collections & Remittances, Unadjusted trial balance, Adjusting entries, Pre-closing trial
balance, Closing Entries, Post-closing trial balance and Preparation of financial
statements.

Overall, the video shows a great deal of instances of sections that encourages
me to more readily see how the public government accounting works. With everything
taken into account, it was an extraordinary introduction of topic and I delighted in it
despite the fact that it was for such a long time, still I gained from it. From that, I
understood that government accounting is very extraordinary to the business
accounting. I'm anticipating find out about our topic and to have the option to have a
deep understanding of it. I accept that what I have gained from this government
accounting process will actually want to help me later on when I am competent to work
in the field of government.

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