Differences between government and private sector
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Explain what you feel the major differences are between the government-wide statement of activities and the income statements prepared in the private sector. Do you think the government-wide statements provide more information than private sector income statements? Please provide examples and explanation to support your answers.
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This solution is comprised of a detailed explanation to explain what you feel the major differences are between the government-wide statement of activities and the income statements prepared in the private sector and answer as to whether you think the government-wide statements provides more information than private sector income statements.
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The major differences between the government-wide statement of activities and the income statements are that it combines the statement of retained earnings that would be used with the result from the income statements in order to find the changes in the equity balance of the balance sheet. Moreover, I also think that it provides more information than private sector income statements because it provides separate columns indicate revenues and the expenses associated with each function. ...
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