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Difference Between Government and For-Profit Accounting

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What do you view as the biggest difference between governmental accounting and for-profit financial accounting?

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The biggest difference between governmental accounting and for-profit financial accounting, is the fact that the overall aims of the accounting practices of each of these two entities differs, due to the fact that the overall aim of a for-profit organization is increased profitability, whereas the overall aim of governmental agencies is what is known as being fiscally responsible to the public at large. Due to the differing aims of these organizations, each organization will tend to conduct its accounting practices in accordance with their overall aims and or goals. This alludes to the fact that for-profit accounting methodology utilizes precise accounting as one of the tools in its strategic plan, in regards to budget and finance. However, the key difference here is that for-profit organizations seek to work within their ...

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