Which of the following is a characteristic of public sector accounting that distinguishes it from private sector accounting
Which of the following is a characteristic of public sector accounting that distinguishes it from private sector accounting?
A) Focus on profitability
B) Emphasis on stewardship and accountability
C) Use of historical cost accounting
D) Preparation of annual financial statements
**Answer: B**
*Explanation: Public sector accounting places greater emphasis on stewardship of public funds and accountability to taxpayers, while private sector focuses more on profitability.*
