What is the difference between a balance sheet of a non profit organization and a for - profit business ?
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- 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 accountsDiscuss how characteristics of not-for-profit organizations differ from for-profit organizations.Define Legacy. Explain its treatment while preparing financial statements of a “Not– for –profit Organisation”.