Public Sector Accounting – SS3 Financial Accounting Lesson Note (First Term)

The public sector is the government sector, whose affairs and services are made known to the public. Public sector accounting is the process of recording, analysing and interpreting the financial transactions of the government. It shows the receipts and disbursement of public funds at all levels of government.

Behavioural objectives

By the end of the lesson, students should be able to:

1. Define public sector and public sector accounting.
2. Highlight the purpose of public sector accounting.

Instructional techniques

• Identification
• Explanation
• Questions and answers
• Demonstration
• Videos from source

Instructional materials

• Videos
• Loudspeaker
• Textbook
• Pictures

What is the public sector?

The public sector is the government sector whose affairs or services are made known to the public (people in general), in aggregate and in detail. This reporting reflects all transactions involving the receipt, transfer and disposition of its funds and properties.

What is public sector accounting?

Public sector accounting is the process of recording, analysing and interpreting the financial transactions of the government.

Government accounting shows the receipts and disbursement of public funds at all levels of government. It is governed by the Constitution of the Federal Republic of Nigeria 1979, as amended in 1989.

What is the purpose of public sector accounting?

1. To serve as a basis for decision-making.
2. To depict the source of government revenue.
3. To serve as a basis for appraisal of the performance of management.
4. To serve as the basis for planning and making a budget.

Evaluation

Answer the following questions:

1. Explain the term public sector.
2. Explain the term public sector accounting.
3. Highlight the purpose of public sector accounting.

Classwork: As in the evaluation.

At the end of the lesson, the teacher commends the students positively.