Difference Between Private And Private Sector

Public Sector:
The public sector is that part of national economy that is under the supervision of national, state or provincial, and local governments. They are responsible for the provision of certain goods or services that are not provided by the private sector. Public sector includes national and local governments, their agencies, and their chartered bodies.
The public sector is one of the major sectors of any economy; such as in the US, it covers about 20 percent of the entire economy.

Difference between Public and Private Sector:

Financial management differs considerably in the public and private sector. In private and public sector financial management, there is a huge difference in the accounting method. For instance, in the private sector, financial managers and accountants use the Generally Accepted Accounting Principles, or GAAP. In order to ensure the financial accuracy and consistency, double-entry accounting method is used.
Public sector basic aim is not necessarily to generate profit like the private businesses and corporations tend to be. In the private sector, profit is the main motivator for the financial manager that pushes him to maintain a minimum
Carry forwards are, however, more ordinary for capital project being delivered over a longer time period. There is however a legal requirement for under spending or overspendings on delegated school budgets to be carried forward under the Education Reform Act 1988, where experience shows that it leads to better use of resources at functional level. The use of carry forwards prevents the hurry to spend up to budget at the end of the financial year in March, which can reflect poor spending