Mid Term PSA
Question 1
a) Public sector is an establishment that is owned and managed by the government. The
purpose is to establish a harmonious society in a country. The public sector or government will
manage the country to improve any problem in the society to be better in the future.
First and foremost, the feature is the government conduct their activity inside the
framework of public authorization and control. High authority, for instance parliament and
ministries will impose rule that all public sector must apply. For an example in an accounting event,
public sector must follow the Financial Procedure Act 1957.
Furthermore, public sector does not apply direct financial interest. The public sector’s
direction and focus is not profit but to highly satisfy the welfare of public in the country. They focus
more on the economic and political part.
Lastly, the feature is numbers of stakeholders. For examples, parliament members and every
citizen are one of the stakeholders. All the stakeholders are the one that has direct and indirect
interest for the public.
b) First and foremost, its main component is adherence to all rules and regulations. This is to
regulate and influence the public account to be true and fair.
Secondly, the maintenance on books and records that are used daily for all financial events.
