Describe the primary characteristics for governmental and not-for-profit entities. How does this differ from the primary characteristics for business organizations? In your discussion, explain how budgetary accounting contributes to achieving budgetary control over revenues and expenditures for governmental entities and not-for-profit entities.

Q: A primary distinction between the flow of resources through a business enterprise and through a…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : What…

Q: How have users’ needs impacted the development of accounting principles for state and local…

A: Accounting principles refers to the set of rules and regulations which companies must follow in…

Q: Define a financial reporting entity. Give an example of a primary government. Define and give an…

A:

Q: Financial reporting depends on the needs of external users of the information reported. Who are the…

A: Financial reporting is done and provided by all types of companies irrespective of the industry in…

Q: 4. Why should persons interested in reading financial reports of governments and not-for-profit…

A: GASB stands for Governmental Accounting Standards Boards. It is an independent and private sector…

Q: 3. Which of the following characteristics distinguishes a government or not-for-profit entity from a…

A: Government and not-for-profit entities operate differently from businesses due to their unique…

Q: What are some ways an audit report for a government differs form an audit report for a for-profit…

A: An evaluator's report is a composed letter from the reviewer containing their assessment on whether…

Q: Distinguish between government and not-for-profit organizations from business entities and describe…

A: Business entities are described as those units which are formulated to provide professional…

Q: Governmental financial statements report whether financial resources received during a period were…

A: Answer:-  Financial statement:- The business operations and financial performance of an organization…

Q: In preparing GAAP-based financial reports, nonprofit organizations must present their expenses by…

A: All the Non profit organizations in the USA are required to express their expenses based on  their…

Q: General purpose financial statements in the public sector provide the following information except *…

A: Solution: General purpose financial statements in the public sector provide the following…

Q: 1.Explains the importance and role of the business fund (business activities) in government…

A: 1. The importance and role of the business fund (business activities) in government entities are ;…

Q: State and local governments and not-for-profit organizations that receive grants or contracts from…

A: State and local governments and not-for-profit organizations that receive grants or contracts from…