Discussion Post: Fund Balance
In governmental accounting, the account category fund balance is unique to governmental funds. This account has a counterpart account in for-profit accounting with a different name, but the purpose is the same. However, fund balance is more detailed than its counterpart in for-profit reporting.
Explain the similarities and differences between the for-profit and the governmental account equivalent, and describe at least two differences in the governmental account classification. Your post should be a minimum of 300 words, and the explanation should be entirely in your own words. For details on how to organize your comparisons, review the Writing Center's guide, Compare & Contrast Assignments.
The response must include a reference list. Using Times New Roman 12 pnt font, double-space, one-inch margins, and APA style of writing and citations.