State the differences between business organizations and government/ not-for-profit organizations.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 1, Problem 1Q

To determine

State the differences between business organizations and government/ not-for-profit organizations.

Expert Solution & Answer

Explanation of Solution

The differences between business organizations and government/ not-for-profit organizations are as follows:

Business Organizations	Government/Not-for-for profit Organizations
Business organizations are generally formed to earn income. The main aim of the owners of these organizations is to make profit. Business organizations refers to an individual or group of people who work together to attain certain commercial objectives.	It is an individual or group of people who work together to attain the goals and mission of an organization. It will not earn profit for the owners.
The resource providers expect either repayment or economic benefits in proportion with the provided resources.	The economic providers do not expect repayment or economic benefits in proportion with the provided resources
The prime motive of business organizations is to provide goods or services at a profit.	Primary operations are not undertaken to provide goods or services at a profit or profit equivalent.
In this type of organizations, the ownership can be sold and transferred. The owner can acquire the resources at the time of liquidation.	In this type of organizations, the ownership interests are not defined.

Table (1)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

General accounting

Please show me the correct approach to solving this financial accounting question with proper techniques.

Can you help me solve this general accounting problem with the correct methodology?

Answer 2

Question

Chapter 1, Problem 1Q

To determine

State the differences between business organizations and government/ not-for-profit organizations.

Expert Solution & Answer

Explanation of Solution

The differences between business organizations and government/ not-for-profit organizations are as follows:

Business Organizations	Government/Not-for-for profit Organizations
Business organizations are generally formed to earn income. The main aim of the owners of these organizations is to make profit. Business organizations refers to an individual or group of people who work together to attain certain commercial objectives.	It is an individual or group of people who work together to attain the goals and mission of an organization. It will not earn profit for the owners.
The resource providers expect either repayment or economic benefits in proportion with the provided resources.	The economic providers do not expect repayment or economic benefits in proportion with the provided resources
The prime motive of business organizations is to provide goods or services at a profit.	Primary operations are not undertaken to provide goods or services at a profit or profit equivalent.
In this type of organizations, the ownership can be sold and transferred. The owner can acquire the resources at the time of liquidation.	In this type of organizations, the ownership interests are not defined.

Table (1)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 1, Problem 1Q

To determine

State the differences between business organizations and government/ not-for-profit organizations.

Expert Solution & Answer

Explanation of Solution

The differences between business organizations and government/ not-for-profit organizations are as follows:

Business Organizations	Government/Not-for-for profit Organizations
Business organizations are generally formed to earn income. The main aim of the owners of these organizations is to make profit. Business organizations refers to an individual or group of people who work together to attain certain commercial objectives.	It is an individual or group of people who work together to attain the goals and mission of an organization. It will not earn profit for the owners.
The resource providers expect either repayment or economic benefits in proportion with the provided resources.	The economic providers do not expect repayment or economic benefits in proportion with the provided resources
The prime motive of business organizations is to provide goods or services at a profit.	Primary operations are not undertaken to provide goods or services at a profit or profit equivalent.
In this type of organizations, the ownership can be sold and transferred. The owner can acquire the resources at the time of liquidation.	In this type of organizations, the ownership interests are not defined.

Table (1)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 1, Problem 1Q

To determine

State the differences between business organizations and government/ not-for-profit organizations.

Expert Solution & Answer

Explanation of Solution

The differences between business organizations and government/ not-for-profit organizations are as follows:

Business Organizations	Government/Not-for-for profit Organizations
Business organizations are generally formed to earn income. The main aim of the owners of these organizations is to make profit. Business organizations refers to an individual or group of people who work together to attain certain commercial objectives.	It is an individual or group of people who work together to attain the goals and mission of an organization. It will not earn profit for the owners.
The resource providers expect either repayment or economic benefits in proportion with the provided resources.	The economic providers do not expect repayment or economic benefits in proportion with the provided resources
The prime motive of business organizations is to provide goods or services at a profit.	Primary operations are not undertaken to provide goods or services at a profit or profit equivalent.
In this type of organizations, the ownership can be sold and transferred. The owner can acquire the resources at the time of liquidation.	In this type of organizations, the ownership interests are not defined.

Table (1)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 1, Problem 1Q

To determine

State the differences between business organizations and government/ not-for-profit organizations.

Expert Solution & Answer

Explanation of Solution

The differences between business organizations and government/ not-for-profit organizations are as follows:

Business Organizations	Government/Not-for-for profit Organizations
Business organizations are generally formed to earn income. The main aim of the owners of these organizations is to make profit. Business organizations refers to an individual or group of people who work together to attain certain commercial objectives.	It is an individual or group of people who work together to attain the goals and mission of an organization. It will not earn profit for the owners.
The resource providers expect either repayment or economic benefits in proportion with the provided resources.	The economic providers do not expect repayment or economic benefits in proportion with the provided resources
The prime motive of business organizations is to provide goods or services at a profit.	Primary operations are not undertaken to provide goods or services at a profit or profit equivalent.
In this type of organizations, the ownership can be sold and transferred. The owner can acquire the resources at the time of liquidation.	In this type of organizations, the ownership interests are not defined.

Table (1)

Answer 6

Chapter 1, Problem 1Q

To determine

State the differences between business organizations and government/ not-for-profit organizations.

Expert Solution & Answer

Explanation of Solution

The differences between business organizations and government/ not-for-profit organizations are as follows:

Business Organizations	Government/Not-for-for profit Organizations
Business organizations are generally formed to earn income. The main aim of the owners of these organizations is to make profit. Business organizations refers to an individual or group of people who work together to attain certain commercial objectives.	It is an individual or group of people who work together to attain the goals and mission of an organization. It will not earn profit for the owners.
The resource providers expect either repayment or economic benefits in proportion with the provided resources.	The economic providers do not expect repayment or economic benefits in proportion with the provided resources
The prime motive of business organizations is to provide goods or services at a profit.	Primary operations are not undertaken to provide goods or services at a profit or profit equivalent.
In this type of organizations, the ownership can be sold and transferred. The owner can acquire the resources at the time of liquidation.	In this type of organizations, the ownership interests are not defined.

Table (1)

Answer 7

Chapter 1, Problem 1Q

To determine

State the differences between business organizations and government/ not-for-profit organizations.

Answer 8

Expert Solution & Answer

Explanation of Solution

The differences between business organizations and government/ not-for-profit organizations are as follows:

Business Organizations	Government/Not-for-for profit Organizations
Business organizations are generally formed to earn income. The main aim of the owners of these organizations is to make profit. Business organizations refers to an individual or group of people who work together to attain certain commercial objectives.	It is an individual or group of people who work together to attain the goals and mission of an organization. It will not earn profit for the owners.
The resource providers expect either repayment or economic benefits in proportion with the provided resources.	The economic providers do not expect repayment or economic benefits in proportion with the provided resources
The prime motive of business organizations is to provide goods or services at a profit.	Primary operations are not undertaken to provide goods or services at a profit or profit equivalent.
In this type of organizations, the ownership can be sold and transferred. The owner can acquire the resources at the time of liquidation.	In this type of organizations, the ownership interests are not defined.

Table (1)

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 1 - Prob. 1Q Ch. 1 - Prob. 2Q Ch. 1 - Prob. 3Q Ch. 1 - Prob. 4Q Ch. 1 - Explain the meaning and significance of...Ch. 1 - Prob. 6Q Ch. 1 - Prob. 7Q Ch. 1 - What are the three sections of a comprehensive...Ch. 1 - Prob. 9Q Ch. 1 - Prob. 10Q

State the differences between business organizations and government/ not-for-profit organizations.

State the differences between business organizations and government/ not-for-profit organizations.

Explanation of Solution

Want to see more full solutions like this?

Chapter 1 Solutions