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Essay / Research Paper Abstract
A 4 page paper that discusses specific issues. The paper begins with comments related to what the philosophy of public finance seems to be today (spend, spend, spend), then discusses the differences between governmental accounting and non-governmental accounting and lastly, comments on government budgeting and financial reporting. Bibliography lists 4 sources.
Page Count:
4 pages (~225 words per page)
File: MM12_PGpblf8.rtf
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Unformatted sample text from the term paper:
There is no other way to explain this unseemly bailout or rescue plan that reaches into the hundreds of billions of dollars and with the new plans of the president-elect
could go well beyond a trillion dollars. Philosophically, one could suggest that this is a form of utilitarian ethics but will the outcome really help more than it harms?
Some say it will, others say it wont and the American public seems to forget it is their tax dollars that are being misspent. The American government now owes the
Chinese government billions of dollars. This can not be perceived as valid or appropriate fiscal accountability nor is it responsibility. More than a decade ago, Rabushka (1985) said: "the
United States is enmeshed in a complexity of regulations, government debt, bureaucracy" (p. Back Cover). The United States can reverse this only by strong policies that are adhered to (Rabushka,
1985), The government might consider returning to some of the principles from Adam Smith. One reason for this is that they worked and there are no new ideas in economics,
thus, perhaps it is time to reconsider the old ideas as the philosophy upon which fiscal policies are based Rabushka, 1985). There are still no new ideas and Rabushkas comments
seem as appropriate today as when he wrote them. 2. Governmental Accounting and Non-Governmental Accounting Governmental and non-governmental accounting is different for very good reasons, they are different than
any other organization. The same is true for financial reporting - private sector business and governmental agencies need to use different methods to meet the needs of the stakeholders (Governmental
Accounting Standards Board, 2008). One of the major differences is public accountability, people expect their tax dollars to pay for things that are useful and worthwhile. Another reasons for the
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