FINANCIAL REPORTING – KEY TO SUCCESS IN THE BUDGET AND PUBLIC SECTOR IN THE REPUBLIC OF MACEDONIA
Abstract:
Accounting represents a “bridge” that connects the past and future activities relevant for the overall economic growth of any country. In fact, accounting information creates preconditions for continuous, systematic and comprehensive performance monitoring and business circumstances, but it also represents the basis for making efficient business and non-business decisions. In the broadest sense of the word, accounting information systems are perceived as those that illuminate the path of the future activities. Accounting information system is a computerized tool that collects, records, stores, processes accounting and financial data and provides support to management in the decision-making process. Actually, it should aim to enhance performances of an enterprise and produce economic benefits. The economic growth of a country creates changes that affect even the smallest segments of business operations. Accounting information systems reflect such changes- all events and transactions in either private or public companies are processed through these systems. Budget accounting, as part of the accounting information system, collects evidence of the entity’s budget. Besides financial accounting that records events in both public and private sector, there are also budgetary accounting reports that are applied to the state, public and non-profit companies and organizations.
CITATION:
IEEE format
I. Zdravkoski, M. Andonovski, B. Sokoloski, “FINANCIAL REPORTING – KEY TO SUCCESS IN THE BUDGET AND PUBLIC SECTOR IN THE REPUBLIC OF MACEDONIA,” in FINIZ 2015 - Contemporary Financial Management, Belgrade, Singidunum University, Serbia, 2015, pp. 27-30. doi: 10.15308/finiz-2015-27-30
APA format
Zdravkoski, I., Andonovski, M., Sokoloski, B. (2015). FINANCIAL REPORTING – KEY TO SUCCESS IN THE BUDGET AND PUBLIC SECTOR IN THE REPUBLIC OF MACEDONIA. Paper presented at FINIZ 2015 - Contemporary Financial Management. doi:10.15308/finiz-2015-27-30
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