Find an article through ProQuest which discusses the differences between government and private sector accounting and finance. With your article and the assigned readings for the week, discuss the differences in government and private sector accounting and finance. Remember to properly cite your sources.© BrainMass Inc. brainmass.com October 25, 2018, 9:16 am ad1c9bdddf
Private sector accounting and finance reports the results of operations, cash flow, resources and obligations of for-profit businesses as well as not-for-profit businesses. Governmental accounting reports the activities of governmental units which differ considerably from for-profit businesses but not so significantly from not-for-profit businesses. For-profit businesses get their resources by providing customers with a service or product. The net of assets received upon sale and the expenses used in serving the customer is profit.
For nonprofit and governmental organizations, the collections are often disconnected with the ...
Your discussion is 337 words plus a reference to a peer-reviewed journal. The abstract is provided. The discussion briefly explains for-profit versus nonprofit versus governmental accounting. Then it discusses an example of differences in nonprofit and governmental accounting in higher education.
Regulatory Boards - FASB and GASB
Do you think it is necessary to have two different regulatory boards, FASB and GASB, for accounting and financial reporting? Why?
What would the benefits be of having one regulatory board and do you think the benefits outweigh the drawbacks?View Full Posting Details