The purpose of the textbook »Principles of Accounting InPrivate And Public Sector« isto present the role of accounting and importance of financial statements in private sector as well as principles of accounting with emphasis on budgeting in public sector. The text is divided into five chapters.
The first chapter focuses on historical development of accounting, its position within the business system, accounting information framework and important changes and challenges thathave recently contributed to a new perspective ofaccounting as a profession.In the second chapter, accounting valuation of basic economic categories such as assets, liabilities, revenues and expenses ispresented. The third chapter concentrates on the principles of book-keeping, whereas the fourth chapter describes the preparation and importance of financial statements: balance sheet, income statement, cash flow statement and statement of movements in equity. This chapter includes analysis of financial statements and the roleof financial statements auditing. Principles of accounting inthe public sectorare presented in the fifth chapter.Because understanding of budget-related accounting issues is of special importance for thestudents of the Faculty of Administration,this issue represents the focus of the last chapter.
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