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Definition of Accounting Policy: Accounting policy  means a system or set of financial and accounting rules; it is "a set of rules and steps by which it operates and is applied by the company or economic institution to prepare and regulate its financial statements." It is important because it is the basic rule that represents the behaviour of the company to prepare reports daily or for final accounts and to extract the results of the business and then determine its financial position of it. The application of accounting policy may vary from one company to another and from system to another. However, it must comply with  Generally Accepted Accounting Principles  (GAAP) or  International Financial Reporting Standards  (IFRS). This is indicated in our article. In the following, we will talk about the importance of accounting policy and the application of its rules: The importance of accounting policies Set a framework and standards for practice at work is the best ...

Control in government units is almost limited to financial and accounting control through which laws and regulations are ensured, and government funds are spent for their purposes without extending to show how efficient the administration is in exploiting resources economically, achieving targets with the lowest costs and gaining the optimal return from spending. Due to the increase in government spending and social burdens on government units, budget deficits, and limited resources, this requires regulatory bodies to be developed by shifting to overall control or so-called performance control or operational auditing. The business sector has many performance measures such as internal profitability, the rate of return on invested capital, standard costs and planning budgets, etc. However, in the government sector, there is a difficulty that actual activity in this sector is not easily subject to quantity measurement. Since the accounting system in the area of control of govern...