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ACCT567 Accounting Governmental System

ACCT567 Accounting Governmental System

Discussions Week 1 All Students Posts 35 Pages

Why are there major differences between governmental accounting systems vs. business accounting systems? If generally accepted accounting principles are good enough for business organizations then why can’t we just apply them to non-profit entities such as governmental and not-for-profit organizations? What are some characteristics that distinguish non-profit entities from business organizations? How do the objectives of financial reporting for non-profit entities differ from financial reporting for business entities?…