Examine the role of accounting theory in addressing the challenges of measuring and reporting the performance of non-profit organizations and government entities.
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Examine the role of accounting theory in addressing the challenges of measuring and reporting the performance of non-profit organizations and government entities.
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- Use the internet to research one for-profit, one governmental, and one not-for-profit entity. For each entity, describe the following: A. the primary purpose of the entity B. the types of activities that accountants would record (hint: what is the source of the entitys funding, and what costs might the entity have?) C. the types of decisions that might be made in this organization and how financial and nonfinancial information might help the decision-making processA governmental agency can best be described by which of the following statements? A. has a primary purpose of making a profit B. has a primary purpose of using taxpayer funds to provide services C. produces goods for sale to the public D. has regular shareholder meetingsAccounting for Government and Non-Profit Organization
- Differentiate accounting for government and not-for-profit organization from a business enterprise.How to prepare financial statements for a government agency and non-profit organization?Distinguish between government and not-for-profit organizations from business entities and describe how the distinction affects their accounting processes.
- How can a broader conceptualization of accounts, accounting and accountability (the 3As), and the corresponding values involved, provide further understanding in relation to the public sector?How can a broader conceptualization of accounts, accounting and accountability (the 3As), and the corresponding values involved, provide further understanding in relation to the public sector? please provide a detailed answerwhy do managers of governmental and not for non profit organizations need to understand financial information as much as profit seeking organization
- Describe the primary characteristics for governmental and not-for-profit entities. How does this differ from the primary characteristics for business organizations? Can you explain how budgetary accounting contributes to achieving budgetary control over revenues and expenditures for governmental entities and not-for-profit entities pleaseFinancial reporting depends on the needs of external users of the information reported. Who are the users of government and nonprofit financial reports? Also, identify at least one difference between the needs of each of these user types and the needs of stockholders in business entities.What benefits are derived from including the management’s discussion and analysis in state and local governmental financial reports? What information is required to be included in the MD&A?