Question: 1. What are the defining distinctions between for-profit businesses and not-for-profit entities, including governments? What are the implications of these distinctions for financial reporting?
2. Why are measures of "service efforts" and "accomplishments" of more concern for government and not-for-profits than for business?
3. Hi I need answer to these questions, What is the significance for financial reporting of a government's power to tax? How does it affect the government's overall fiscal strength?
4. Which is more challenging, governmental & not-for-profit accounting or for-profit business accounting? Why?
5. Why do governments use Fund Accounting? What are the unique characteristics of Fund Accounting?
6. Should Not-for-Profit organizations be able to turn a profit? If so, what is reasonable?