Explain FOUR challenges that the government will encounter if public sector accounts are not classified. (4 marks)
View Solution
It will be difficult to perform the following accounting functions without accounts classification:
i) Harmonization of Accounts;
ii) Uniform classification of Accounts;
iii) Financial and budgetary control;
iv) Financial Reporting;
v) Computerization of large amounts of financial information;
vi) Resource Allocation;
vii) Expenditure / Revenue Tracking;
viii) Development of Audit Trail