Response to the following:
• Describe and explain at least 3 differences in for-profit entities and governmental agencies that cause them to have different required accounting procedures; include an example of each.
• Explain which regulating authority oversees the accounting rules for governmental vs. for-profit entities. Include an example and brief explanation, in your own words, of the most recent new guideline established by the agency overseeing government accounting.
• Explain at least 2 differences between governmental entities and nonprofit, nongovernmental agencies, including an example of each difference.