Features Of Government Accounting

Followings are the features of government accounting :

History of financial transaction : Government account is the history of financial transactions of government offices.Records of past would be the history for future.Government accounts preserve the records of past years related to monetary policy,budgetary mechanism,sources of revenue,and expenditures incurred in various development works etc.These records are very much useful for future,specially for future plans,formulating the future policies,estimation of sources of revenues and expenditures both for regular development works.
Based on double entry system : Double entry system of bookkeeping has been accepted widely as a scientific,systematic,complete system of book-keeping.Therefore,government accounting should be based on this double entry principle of accounting.
Simple and flexible : Government account should be simple,easy to understand and smooth operating.It should be designed in such a manner that a person having a general knowledge of accounting principle may be able to operate this accounting system easily and independently. Moreover,this accounting system should be flexible in nature.In other words,this accounting system can be modified and change as to the need of time and situations.
Based on budget and control mechanism : Government account should be based on government budget.They should be maintain in accordance to the principle,policies,and programme outlined in the budget.Similarly,government accounting should contain some control mechanism provision.Internal check,internal control mechanism should incorporate in this accounting system so that manipulation on revenue collection system and misuse or misappropriation of expenditure system could be checked and controlled in time.
Based on Financial acts and rules : Government account should be strict on the provisions made on finance act and rules.
Decentralization : Decentralization provision,if possible,should be incorporated in government accounting.Incorporation of decentralized accounting system helps to operate accounting system on the one hand and implement control mechanism on the other.The operating level officials also know their functions as well as their limitations.It makes responsible to both central level as well as operating level authorities regarding their accounting job.
Provision of auditing : Government accounting should contain the provision of audit.What-so ever the scientific and transparent accounting system be operated by the organization,it cannot be accepted as true,fair and authentic unless it is certified by an independent auditor.
No concern with profit or loss : Except few commercial or industrial concerns controlled or run by government, the government account is no way concerned with profit or loss like commercials accounts.

Provide the financial information : Government accounting system should be designed in such a way that it could provide the necessary data,statistics and information as and when required easily.