Transcribed Image Text
Government Accounting has its distinct purpose amongst the“Accounting Elites” namely, ACCA and CPA. The standards andpurpose(s) of Government Accounting are equal with those set byAccounting Bodies that lean more to Commercial Account. James L.Chan in his paper “Government Accounting: An Assessment of Theory,Purposes and Standards” look at the importance of GovernmentAccounting and compare this to Commercial Accounting.Please access the link below and review thepaper. Chan, J., L. (2003). Government Accounting: An Assessment ofTheory, Purposes and Standards. Available at http://jameslchan.com/papers/Chan2003Assess.pdfI. Financial Statements from Commercial Accounts provide moreinformation to the general public than those from GovernmentAccounts?Use information from the paper by Chan, J., L. & Rubin above,write a paper of no less than 2 pages to address the abovequestion. To completely address the question, you should ensurethat you cover: ? A comprehensive review of the similarities anddifferences between commercial accounting and governmentaccounting. ? The types of financial statements prepared from bothtype of accounting methods ? The kinds of information provided byboth type of accounting methods