Accounting can be defined as the recording summarizing analyzing and interpretation of an organization.
Accounting system is a set of rules regulations and procedures
which are articulated by a appropriate theoretical force into a system.
Ti process data into information which are required as input in the
decision making system of the organization.
Based on these definitions accounting of public sector involves
activities of collecting analyzing recoding summarizing reporting and
interpretation of transaction of government units.
The objective of the study is to determine he effectiveness of
the existing system of accounting of government units to appraise the
system and ascertain their suitability to analyze the problem associated
with the system of accounting adopted (if any) by these organization
and to identify future improvement.
Both primary and secondary sources of data were used in this
research. Research question were formulated and a questionnaires
comprising statement drawn form the research question were prepared as
Interviews as a primary sources and textbooks as a secondary sources were also used.
Some of the major finding form the analysis of data collected are
appointment of unqualified accountants to act as accounts supervisor
negative attitude of most accountants towards accountability resulting
to inadequate keeping of records and accounts the effect of self
accounting system which is now used as an act for embezzlement/ self
enrichment by the public sector accountants inadequate training and
development of public sector accountants which results to lack of
proficiency of public sector accounting system incompetent among
accountants in the public sector and the delay is presenting and
preparation of annual financial statement in the public sector.
On the basis of these finding the following recommendation are made viz.
- Adequate internal control system has to be
institute by the management for the prevention and detection of fraud
and irregularities is the public sector
- Training of the account personnel should be adopted in the public sector service.
- Financial statement must be prepared and
present to members annually to have the related information on their
loopholes and area to improve on.
- The above recommendation of fully
implemented will enhance government accounting system and records and
also stimulated improved financial reporting system in the public sector