Question

1. What is the importance of communications in governmental accounting? External and internal communications? Comment and give examples.

2. Why is budgeting such a concern in governmental accounting? Comment and give an example.

3.What is the difference in accounting for non-profits and for-profits (private) businesses?

Answer 1

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Answer-1 Importance of communication in governmental Accounting are below:

1.Recognize and record every substantial exchange

2.Portrayon a convenient premise, exchanges in adequate detail to allow appropriate order for budgetary revealing

3.Measure estimation of exchanges in a way that allows their appropriate chronicle in the budget summaries

4.License the chronicle of exchanges in the best possible bookkeeping time frame

5.Present appropriately the exchanges and related revelations in the budget reports

External communication:-

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Outside correspondence is the transmission of data between two associations. It additionally happens between a business and someone else in the outside to the organization.

These people can be customers, sellers, clients, government authorities or specialists and so on. A client's criticism is likewise outer correspondence. An association contributes a ton of time and cash to improve their picture through outside correspondence

Example:- website, Letters etc.

Internal Communication:-

Interior correspondence is the transmission of data inside an association. Inside correspondence is a help of a business. It happens between a business and a representative.

It is correspondence among workers. Inside correspondence is the sharing of the data, information, thoughts, and convictions between the individuals from the organization.

Inward correspondence can be formal or casual. It relies on the people to which we are conveying. We utilize casual or not all that conventional language with our partners. The language utilized while conveying the top of the organization is formal.

Example:- Face to Face , e-mail etc.