The Department of Commerce & Management organized a guest lecture in the subject of Accounting Major III on the topic ‘Government Accounting System: A comprehensive Overview’ on 12th September 2023 from 9.00 am to 10.00 am for the Accounting students of TY B.Com class. The primary objective of this session was to enhance the understanding of government accounting practices followed by the government and local administration bodies i.e. Panchayats, municipalities. The Resource Person for the session was Mr. Sanjay Prabhu, Ex- Joint Director of Accounts, Government of Goa.
Dr. Edwin Barreto, Head, Department of Commerce & Management in his welcome address, extended a warm welcome to the Resource Person and the students attending the session. Mr.Prabhu delivered an insightful overview of the principles and practices of government accounting followed by government departments in Goa. In his presentation, he explained the important objectives of government accounting system and highlighted the significance of budget in respective departments and its importance in financial planning and resources allocation. He further discussed the utility of government accounting in public financial management and emphasized the critical aspect of accountability to taxpayers and how government accounting helps in achieving this objective.
The speaker elaborated on the importance of government accounting in the context of government operations, fiscal responsibility, receipts and expenditure of different departments, vote on accounts, appropriation of funds, surrender of funds, division of accounts and accountability to taxpayers. He also mentioned the different authorities under government accounting rules. The speaker underlined the role of government accounting in effective public financial management, highlighting its role in tracking receipts and expenditures across various departments.
The lecture featured an interactive Q&A session, during which students had the opportunity to seek clarification and engage in discussions on various aspects of government accounting. The session ended at 10.00 am with a Vote of Thanks proposed by Ms. Brionna Noronha, student of T.Y.B.Com. 88 students attended the session. This guest lecture provided invaluable insights into the realm of government accounting, contributing significantly to the students’ understanding of this critical field in public finance management. The entire session was meticulously planned and expertly coordinated by Ms. Pooja Shanbhag, Assistant Professor in Commerce.
