Theoretical-Framework.docx - Theoretical Framework Carague(Creencia,2002 expressed that the accounting system then known as the Standard Government

Theoretical-Framework.docx - Theoretical Framework...

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Theoretical Framework Carague (Creencia,2002) expressed that the accounting system then, known as the Standard Government Chart of Accounts (SGCA), answer the needs of times. But the role and responsibilities of public managers had become more and more involved in the everyday needs of the people. They needed a much centralized and comprehensible information in order to manage their scarce resources to which the inevitable needs for them have by grown leaps and bounds. The accounting system provides valuable information that is essential in the public managers’ needs to cater a more effective financial management. The presence of such needs have to be addressed while taking into consideration that many of them is deficient in the technical knowledge required in accountancy; hence the need to simplicity and understandability postulate. To ensure commonality in the interpretation of the information there is a need for the system to follow policies and procedures set by standard-setting organizations.

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