What are the main differences in accounting for profit and not for profit organizations?

Q: How does financial accounting and managerial accounting differ? *

A: Financial accounting and management accounting are two different branches of accounting.

Q: Explain breifely about the theories of accounting regulation – public interest theory, capture…

A: The four theories of accounting regulation are: Public interest theory, Capture theory, Economic…

Q: Explain the political cost hypothesis of Positive Accounting Theory.

A: Positive accounting:   It is referred to as the branch of accounting research that helps to explain…

Q: ation differ

A: Accounting: It is the process of recording any financial transactions incurred in the financial year…

Q: When should membership dues be considered revenue rather than contributions?

A: Membership fees:   Membership fees are a periodic sum of money paid by an individual for some…

Q: How the system of cost accounting has overcome the limitations of financial accounting. Explain it…

A: Cost Accounting -: Cost accounting is a procedure of administrative accounting that aims to…

Q: Explain the differences between a positive theory of accounting and a normative theory of…

A: The question is based on the concept of Business Accounting.

Q: In its simplest form, the balance sheet of a non-profit reveals the following relationship____ Group…

A: A balance sheet of non profit differs from for-profit firms in a way that there is no owners and…

Q: “Income and Expenditure Account of a Not-for-Profit Organisation is akinto Profit and Loss Account…

A: A profit & loss statement shows the organization's revenue, expenses, and its profit for a…

Q: How do accounting and business administration differ?

A: The term Business Administration has a wider scope than Accounting. A few of them are outlined…

Q: 1. What is the difference between accounting anc economic profit?

A: Solution Note as per the Q&A guideline we are required to answer the first question only. Please…

Q: explain how the idea of value creation under stakeholder theory differs from that under positive…

A: Here discuss about the details of the difference between the stakeholders theory with the positive…

Q: Why is treasury considered a profit centre. What are the revenues and expense

A: In finance profit center refers to that branch or division that adds, in a direct manner, to an…

Q: What is Fair Value Accounting? What are the factors contributing toward the trend of fair value…

A: "Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: nship or differences between Accounting and accountability?

A: Accounting: Every business has various types of transactions like monetary, goods and services. To…

Q: How would you describe the accounting profit?

A: The answer is about the accounting profit:

Q: Overall do you agree or disagree with the argument that financial statements should be stated as…

A: Historical cost refers to the original purchase cost of an asset whereas fair value is an estimate…

Q: What is meant by “economic Consequences” in accounting standard-setting

A: Definition: Financial accounting standards board (FASB): This is the organization that creates,…

Q: RUE OR FALSE? The cumulative effect of change in accounting policy is shown in the income statemen

A: Solution Concept Accounting policy refers to the principles that is used in the presentation and…

Q: If a reporting entity has a choice of either expensing or capitalizing an item of expenditure, and…

A: If the entity is subject to a high degree of political scrutiny then it will adopt accounting…

Q: How does EVA differ from accounting profit?

A: Introduction: Economic value added is the sum of net earnings over capital costs. EVA corresponds to…

Q: What is meant by Not-for-profit accounting?

A: Accounting represents the system of maintaining records of day-to-day business operations of an…

Q: Examine the advantages and disadvantages of interpretative accounting theory

A: Introduction : Interpretive Accounting theory has developed and contributed significantly to our…

Q: What are the differences between EVA and net profit in accounting

A: Introduction : Businesses may assess investment prospects using economic value-added and accounting…

Q: Define accounting profit

A: The profit earned by an entity after considering all the cost and expenses accruing to the entity…

Q: NFP Document tement of Financial ition tement of Activities Purpose of the Report Similar to Which…

A: Statement of financial position :     It is one of the important financial statement, also known as…

Q: portance of accounting as a social

A: Accounting: "A formal process of measuring the events into monetary terms and recording,…

Q: Are the financial reports contained in the annual report considered financial accounting reports or…

A: Financial reports are information regarding the financial performance and financial position of a…

Q: accounting profit definition

A: Double-entry accounting (Double-entry book-keeping): This is a system of accounting where a…

Q: Is there a difference between a balance sheet of a profit organization with a non-profit…

A: Yes, a balance sheet of a profit organization is different from the balance sheet of a non-profit…

Q: Which of the following statements about accounting income and economic income is (are) correct? I.…

A: Accounting profits includes explicit costs only, whereas economic profits includes both explicit and…

Q: Why do we need accounting for non-profit organizations?

A: Not for profit organization: These are the organizations that provide services to the community…

Q: es for-profit and not-for-profit o

A: Step 1   For-Profit Organizations: A for-profit organization operates with the primary goal of…

Q: what are the reasons financial accounting standards inspire or encourage political action and…

A: The financial accounting standards are used while accounting by all the entities which are required…

Q: How do gross profits, operating income, and net income differ

A: In finance when making or analyzing an income statement we look into different types of income or…

Q: fer from o

A: Revenue should be recognised when it is generated, not when it is received, according to the revenue…

Q: Which of the following would not affect a company's net income?

A: Note as more than one question is posted i am providing you answer for question 1. Net income is…

Q: Explain the difference between public and private accounting

A: SOLUTION-   ACCOUNTING  IS THE PROCESS OF RECORDING FINANCIAL TRANSACTIONS PERTAINING TO A BUSINESS.

Q: Which of the following costs would not be included in accounting financial statements? O A.…

A: Financial statement includes all those costs that are incurred in the business such as sunk cost,…

Q: o our authors, define “gross profit" and provide an example.

A: Gross Profit is the margin that a business wanted to earn on selling the goods or service, its…

Q: Financial accounting is concerned with how and why profits arise. Select one: True False

A: