Discuss how characteristics of not-for-profit organizations differ from for-profit organizations

What are the distinguishing characteristics between a public charity and a private foundation? what is a public support test and how does it relates to public charities and private foundations?

Q: What are the 3 major financial statements required for all for-profit entities?  Contrast those with the financial statements required for not-for-profit entities.

Which of the following is not true regarding accounting and financial reporting for nongovernmental, not-for-profit organizations? Multiple Choice Expenses are classified as with or without donor restrictions. Expenses must be reported by function, either in the Statements of Activities or in the notes. Net assets are classified according to donor-imposed restrictions. All of the choices are true.

A difference in reporting on the balance sheet for a for profit business and a Not-for-profit entity is that current assets and current liabilities are reported in the for-profit sector and the parallel accounts in not for profit are found in:   a.​Net assets   b.Donations   c.​Deferred accounts   d.Fund accounts

Please describe and illustrate the kinds of restrictions that doners may impose on the use of resources they contribute to nonprofits.

How do not-for-profits differ from governments in the way they account for business-type activities, such as dining halls, gift shops, and admission fees?

What are some examples of industries that falls under Public sector?   What are some examples of industries that falls under Private Sector?