The Governmental Accounting and the Governmental Accounting Course
Government accounting is a generic term that is used in order to define the various accounting systems that are used by the public sector entities. Considering the example of the USA, there are two levels of government that follow the different accounting standards. Federal accounting standards advisory board (FASAB) is responsible for the accounting standards at the federal level whereas for the local as well as the state level it is the Governmental Accounting Standards board (GASB).
There is a whale of a difference between the governmental accounting as well as the private accounting. The accounting in the private organizations is more oriented towards the profit making whereas the accounting in the government sector is more towards showing the manner in which the funds have been utilized. In the private sector the budget that is set forth is meant for the internal purposes and it is not at all obligatory to follow it. Whereas in the government accounting, the accountants are responsible for the budget that is allocated and have to explain to the people about how and where the budget is being used and how the taxpayer’s money has been spent. Both the scenarios are completely different from each other.
In order to become an accountant in the governmental sector the candidate has to have a minimum qualification of a graduate in accounting. The government accounting course requires the candidate to have certain skills set like an aptitude for numbers as well as the rational thinking. He is also supposed to have a lot of patience as he might be dealing with a massive amount of data especially during the budget sessions and the taxation time.
The government accounting course requires the person to clear the appropriate tests. If the individual so requires then he can go for higher qualifications like CPA, CA, etc to further improve his position in the organization.