Public Sector Accounting system is the way of accountability through which the established institutions of the public render stewardship on the revenue of the Nation and how it has been disbursed.
This is a branch of Accounting that uses the general principle of accounting in application to government financial transactions.
Public Sector Accounting refers to all the financial documents and records of public institutions that relate to the collection of taxpayers’ money and the analysis, control of expenditure, administration of trust funds, management of government stores, all the financial responsibilities and duties of the relevant organs.
Public Sector Accounting includes the process of recording, analysing, classifying, summarising, communicating and interpreting financial information about Government in aggregate and in details, recording all transactions involving the receipt, transfer and disposition of public funds and property.