Section 113Sec./Art. 113

Chart of accounts.

The chart of accounts for government agencies shall be prescribed by the Commission and shall be so designed as to permit agency heads to review their activities according to selected areas of responsibility; allow for a clearer definition of obligation accounting leading to more precise budgetary control; provide for a wider range of analytical information designed for use in management audit or legislative review; furnish information regarding the production of income and the investment in capital items which is of value in fiscal and economic planning; enable tighter accounting control to be exercised over agencies' financial relationship with the Treasury; permit a more simplified preparation of trial balances and a simpler and more orderly preparation of trial balances and a simpler and more orderly process of national consolidation and facilitate the application of mechanized accounting procedures for more effective protection against error and irregularity and yielding economies in operation.