Changes in the Chart Og Accounts of the New Government Accounting System

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INTRODUCTION

Accounting is a useful means of assessing the operations of different organizations and entities. Careers in the accounting profession are wide ranging, from public practice, to commerce and industry, education, and government. These fields require competence of an accountant. Education, as part of competence, requires acquisition of new knowledge and continuous improvement, to be able to cope with the growing demand for accurate and up-to-date information. New standards and amendments are being presented every now and then to comply with the emergent needs of today’s different organizations. An accountant must be flexible with these changes. Accounting students must also be aware on such changes to be more informed and competent in facing the real world.
The accounting system used by the government is also subject to changes and improvement to serve its purpose better. One recent change in the New Government Accounting System (NGAS) will be discussed in this paper; hence, the topic of this research, “Changes in Chart of Accounts of the New Government Accounting System.” This subject matter was chosen by the researchers believing that, being accounting students; they are bound to acquire as much knowledge as they can in this field and responsible for keeping themselves updated.

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PURPOSE

This paper was done to be able to serve the following purposes:

1. To gain more familiarity in government accounting, 2. To acquire knowledge regarding the changes of chart of accounts in this particular field of accounting, 3. To summarize the changes in the chart of accounts used in the New Government Accounting System, and 4. To know the reason of changes in the chart of accounts.

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Background of Government Accounting
Government Accounting is defined as one that encompasses



References: Commission on Audit. (2013). COA Circular No. 2013-002. Retrieved June 20, 2013 from http://www.coa.gov.ph/COA_Issuances/COA_Circulars/Circ2013/COA_C2013-002.pdf Valix, C., Peralta, J., Valix, C. (2011). Financial Accouting (Volume III). Guerrero, P., Peralta, J. (2011). Advance Accounting (Volume II). -------------------------------------------- [ 2 ]. Financial Accounting III, Conrado Valix 2010 ed [ 3 ]. Advance Accounting II, Pedro Guerrero 2011 ed.

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