SIMILARITIES AND DIFFERENCES BETWEEN COMPANIES ACCOUNTING AND TERRITORIAL ADMINISTRATIVE UNITS ACCOUNTING
SIMILARITIES AND DIFFERENCES BETWEEN COMPANIES ACCOUNTING AND TERRITORIAL ADMINISTRATIVE UNITS ACCOUNTING

Summary/Abstract: Similarities between the accounting of companies and territorial administrative units accounting are the following: organizing double entry accounting; accounting method both in terms of fundamental theoretical principles and specific practical tools. The differences between the accounting of companies and of territorial administrative units refer to: the accounting of territorial administrative units includes besides general accounting (financial) also budgetary accounting, and the accounts system of the budgetary accounting is completely different from that of companies; financial statements of territorial administrative units to which leaders are not main authorizing officers are submitted to the hierarchically superior body (not at MPF); the accounts of territorial administrative units are opened at treasury and financial institutions, accounts at commercial banks being prohibited; equity accounts in territorial administrative units are structured into groups of funds; long term debts have a specific structure in territorial administrative units (internal local public debt and external local public debt).

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