1. Accountants work for all sorts of governments, not-for-profits, and for-profit entities. How might their work differ between the three types of firms? How might it be similar? Would you prefer to work in a for-profit or not-for-profit environment? Why?
2. Internal control is important for all types of firms. What are normal procedures for internal control in governmental entities?
3. Why is the budget a far more important document for both governments than for businesses?
4. What is meant by "interperiod equity," and what implications might it have for financial reporting?
5. Why may the "matching concept" be less relevant for governments than for businesses?
6. Why are measures of "service efforts and accomplishments" of more concern for government than for businesses?