Importance of accounting in the public sector, Accounting Basics

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Problem 1:

i) Assess the importance of accounting in the Public Sector.

ii) How far has the Governmental Accounting Standards Board (GASB) changed financial reporting, asset management and valuation in the Public Sector?

Problem 2:

Suppose there are two Printing & Publishing companies, one operating in the Public sector and one in the Private Sector. Critically examine the methodologies that each company is likely to use to appraise an investment in Research and Development.

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