THE IMPACT OF PUBLIC SECTOR ACCOUNTING ON GOVERNMENT REVENUE GENERATION AND EXPENDITURE CONTROL ON PUBLIC FUNDS. CASE STUDY OF THE MINISTRY OF FINANCE IMO STATE

THE IMPACT OF PUBLIC SECTOR ACCOUNTING ON GOVERNMENT REVENUE GENERATION AND EXPENDITURE CONTROL ON PUBLIC FUNDS. CASE STUDY OF THE MINISTRY OF FINANCE IMO STATE

Background Of The Study

The public sector is made up of organizations in which the public, as opposed to private owners, has authority over them, and the provision of services, rather than profit, is the major focus of their operations. According to Ofurum (2015), it is difficult to make comparisons between the financial performance of the public sector and that of the private sector. This is due to the fact that public sector organizations serve multiple purposes, do not deal with a single product or service, and have different sources of finance. Additionally, the absence of a profit motive in the public sector hinders performance in measurement.

The success of financial management in the public sector is contingent on the adoption of policies that are directed toward the achievement of comprehensive economic development throughout a country. It addresses core objectives that include but are not limited to economic and governance reform projects of the government, and it does so by making use of the principles of monetary discipline, legitimacy, predictability, transparency, and accountability in order to reform and strengthen public finances. There is a tremendous lot of potential that may be realized with well crafted and successfully carried out financial policies. They contribute to the decrease of the tendency toward deficit spending, the promotion of equality, the minimizing of debasement, the containment of helpless service delivery, and the containment of temporal inconsistency in budgetary policy. In addition to this, it serves to increase the confidence of the government's commitment to financial manageability and, as a result, it facilitates countercyclical monetary management. In addition to reducing yield instability and boosting long-term development, increased predictability of financial arrangements may be achieved via the use of financial regulations ( Jinghan 1990).

Because the resources required to achieve economic development are generally limited, deliberate attempts are often undertaken to identify areas of most need where resources might be diverted to, in order to achieve the maximum level of satisfaction possible. According to Olaoye and Olaniyan (2020), the theory of the public sector need to concentrate on how the government ought to acquire and spend funds. Because there are so many of them, the primary purpose of the government is to figure out how to get sufficient funding to accomplish all of its goals. Government has a great deal of goals since there are so many of them. The government has certain responsibilities that it must fulfill, and in order to do so it must have adequate funding. Because these responsibilities have an impact on the economy as a whole, the government of Nigeria should make every effort to ensure that at least more than half of its annual proposal is carried out.

1.2 Statement Of The Problem

In the public sector, the government is required to function and carry out its responsibilities to the country. Because of this, there must be a large quantity of something that we call money. Additionally, in order to prevent improper fund management, the money that is produced by the government has to be spent sensibly and in an acceptable manner.

As a result, the purpose of this body of work is to investigate the influence of accounting practices in the public sector on: "Where the government gets its income; How to use the money; How to retain the money;" and "How to keep the money."

The influence that limiting expenditures has on the public fund.

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