ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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as the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof
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is prepared to provide financial information or report about the government business to people inside and outside the government entity.
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is carried out by professional accountant and by following the standard financial procedures established by the Accountant General Office.
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is to enhance accountability and transparency in Federal Government’s accounting and financial management
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Detailed explanation-1: -Transparency ensures that information is available that can be used to measure the authorities’ performance and to guard against any possible misuse of powers. In that sense, transparency serves to achieve accountability, which means that authorities can be held responsible for their actions.
Detailed explanation-2: -The concept of accountability refers to the legal and reporting framework, organisational structure, strategy, procedures, and actions to help ensure that any organisations that use public money and make decisions that affect people’s lives can be held responsible for their actions.
Detailed explanation-3: -The principle of transparency has a direct impact on the accountability of administration toward the citizens, while citizens are able to get all the information regarding the work of public administration and also are allowed to get involved in the process of decision-making.
Detailed explanation-4: -To achieve transparency, an organisation must provide information about its activities and governance to stakeholders that is accurate, complete and made available in a timely way. Transparency enables accountability. This does not mean all information should be made publicly available.