Under Section 109 of Presidential Decree (PD) 1445, Government Accounting encompasses the processes of analyzing, recording, classifying, summarizing and communicating all transactions involving the receipt, disposition and utilization of government funds and property and interpreting the results thereof.
Besides, under Section 110 of the PD 1445, enumerates the objectives of government accounting as follows:
1. produce information concerning past operations and present conditions;
2. provide a basis for guidance for future operations;
3. provides for control of the acts of public bodies and officers in the receipt, disposition and utilization of funds and property; and
4. report on the financial position and the results of operations of government agencies for the information of all persons concerned.