Please assist in answering the following questions. Solutions does not need to be more than a paragraph each.
1.Why might the matching concept be less relevant for governments and not-for-profits than for businesses?
2.Why is the budget a far more important document in both governments and not-for-profits than in businesses?
3.What is the defining distinction between for-profit businesses and not-for-profit entities, including governments?
Reference: Granof, M. H., and Wardlow, P. S. (2003). Concepts of Government and Not-For-Profit Accounting. John Willey and Sons, Inc© BrainMass Inc. brainmass.com March 4, 2021, 8:52 pm ad1c9bdddf
The response addresses the queries posted in 365 words with references.
//Before describing about the importance of matching concept for the Governments and Not-for-profits Organizations; than for the businesses; it is essential to have knowledge about the main theme of 'matching concept'. One should know about the basic principle of this concept, which further will assist in analyzing it effectively//
Solution1. The matching concept is defined as an accounting principle that calls for the recognizing and registering expenses related to the earned revenue during the same accounting period. This means that the matching concept requires to register the expenses incurred in a specific accounting period, which are the costs of the assets utilized to earn the revenue in that period. When the expenses are matched with the revenues earned in the same accounting period, it results in the ...
The response addresses the queries posted in 356 Words, APA References.