The public sector is a government (city, state, national); the private sector is a business. Public sector jobs are publicly-funded (by taxes, for instance) whereas private sector jobs depend on the revenue of the business
Public sector uses public tax dollar and is not subject to the free market
Public sector cash comes from the government (ie the tax-payer) Private sector fund come from donations (either by individuals or businesses)
Private Sector are generally small business organizations run by private individuals or groups (not shareholders) and are not listed in the Stock Exchange. Private companies are also unregulated by a federal authority. The Public Sector are companies owned by shareholders and available for public purchase through the stock exchange. Public companies are regulated by a federal exchange commission, but are available for purchase by foreign investors - such as China's current shares in GM. For instance; A public company can become private by having ALL shares in its Stock Exchange purchased by an individual, a small group of investors, or another company that is privately held.
Ownership of the public sector of a certain country is shared equally by all citizens of that country. There should be certain laws that specify how does the PS get revenues and how does it spend them, how does it hire & fire employees, lowest and highest possible salaries ...etc. While ownership of any private sector entity is limited to the persons who paid up the capital to form it. Those persons may or may not be citizens of that country. Each private sector entity could invent its own rules of hiring & firing and payouts ...etc.
The difference between public sector and private sector is that when you're in the public sector you work for the government whereas private sector is not. Same applies to accounting.
Public sectors are owned and/or serviced by the government. Private sector businesses are owned by individuals and do not pay a direct dividend to the government.
public sector audit is different from private sector audit
public sector audit is different from private sector audit
the public sector does not aim to make a profit and the private sector does an example of the private sector would be primark public sector would be the police,fire engines. The government own the public sector whilst the private sector is owned by its own individuals.
Government is public sector. Corporations and partnerships are Private sector. The government wants to support both the public and private sector to improve the economy and well-offness of the people it serves.
comparison in denture costing between public and private sector
The public sector is a government (city, state, national); the private sector is a business. Public sector jobs are publicly-funded (by taxes, for instance) whereas private sector jobs depend on the revenue of the business
The biggest difference is with Unions. Unions are mostly today in the public sector, and the services they offer are highly visible to the population. This gives the Unions more power to strike to get what they want.
Private sector procurement is usually controlled by the head of the company or a department they have established. Usually, the person needing a supply just asks for permission to buy it. Public sector procurement is governed by lawmakers and often bids have to be taken.
Private sector are things that are owned by people. Public sector are things that are owned by the government.
Public sector uses public tax dollar and is not subject to the free market