Discuss (a) the similarities in accounting for profit-seeking and G&NP organizations, and (b) the unique aspects of accounting for G&NP organizations designed to help ensure compliance with budgeted spending limits.

Question

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Answer 1

Textbook Question

Chapter 1, Problem 1Q

Discuss (a) the similarities in accounting for profit-seeking and G&NP organizations, and (b) the unique aspects of accounting for G&NP organizations designed to help ensure compliance with budgeted spending limits.

(a)

Expert Solution

To determine

Discuss the similarities in accounting for G&NP (Governmental and Non-profit) organizations and profit seeking organizations.

Explanation of Solution

The following are the similarities in accounting for G&NP (Governmental and Non-profit) organizations and profit seeking organizations:

Both G&NP and profit seeking organizations use double entry system of book keeping for recording the transaction.
Both G&NP and profit seeking organizations use same accounting procedures like journal entries, general ledger, and chart of accounts.
Both the organizations follow GAAP (Generally Accepted Accounting Principles).

(b)

Expert Solution

To determine

Discuss the unique aspect of accounting for G&NP (Governmental and Non-profit) organizations.

Explanation of Solution

The unique aspect of G&NP organization are fund accounting and budgetary control techniques. Fund accounting is designed to separate funds based on the purpose they are used and it accounts their uses and balances. Budgetary control techniques help in controlling the over expended. It is the performance evaluator as it controls the amount of profit generated, statutory control, and helps in spending efficiently within the budget appropriation.

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Answer 2

Textbook Question

Chapter 1, Problem 1Q

Discuss (a) the similarities in accounting for profit-seeking and G&NP organizations, and (b) the unique aspects of accounting for G&NP organizations designed to help ensure compliance with budgeted spending limits.

(a)

Expert Solution

To determine

Discuss the similarities in accounting for G&NP (Governmental and Non-profit) organizations and profit seeking organizations.

Explanation of Solution

The following are the similarities in accounting for G&NP (Governmental and Non-profit) organizations and profit seeking organizations:

Both G&NP and profit seeking organizations use double entry system of book keeping for recording the transaction.
Both G&NP and profit seeking organizations use same accounting procedures like journal entries, general ledger, and chart of accounts.
Both the organizations follow GAAP (Generally Accepted Accounting Principles).

(b)

Expert Solution

To determine

Discuss the unique aspect of accounting for G&NP (Governmental and Non-profit) organizations.

Explanation of Solution

The unique aspect of G&NP organization are fund accounting and budgetary control techniques. Fund accounting is designed to separate funds based on the purpose they are used and it accounts their uses and balances. Budgetary control techniques help in controlling the over expended. It is the performance evaluator as it controls the amount of profit generated, statutory control, and helps in spending efficiently within the budget appropriation.

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Answer 3

Textbook Question

Chapter 1, Problem 1Q

Discuss (a) the similarities in accounting for profit-seeking and G&NP organizations, and (b) the unique aspects of accounting for G&NP organizations designed to help ensure compliance with budgeted spending limits.

(a)

Expert Solution

To determine

Discuss the similarities in accounting for G&NP (Governmental and Non-profit) organizations and profit seeking organizations.

Explanation of Solution

The following are the similarities in accounting for G&NP (Governmental and Non-profit) organizations and profit seeking organizations:

Both G&NP and profit seeking organizations use double entry system of book keeping for recording the transaction.
Both G&NP and profit seeking organizations use same accounting procedures like journal entries, general ledger, and chart of accounts.
Both the organizations follow GAAP (Generally Accepted Accounting Principles).

(b)

Expert Solution

To determine

Discuss the unique aspect of accounting for G&NP (Governmental and Non-profit) organizations.

Explanation of Solution

The unique aspect of G&NP organization are fund accounting and budgetary control techniques. Fund accounting is designed to separate funds based on the purpose they are used and it accounts their uses and balances. Budgetary control techniques help in controlling the over expended. It is the performance evaluator as it controls the amount of profit generated, statutory control, and helps in spending efficiently within the budget appropriation.

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Answer 4

Textbook Question

Chapter 1, Problem 1Q

Discuss (a) the similarities in accounting for profit-seeking and G&NP organizations, and (b) the unique aspects of accounting for G&NP organizations designed to help ensure compliance with budgeted spending limits.

(a)

Expert Solution

To determine

Discuss the similarities in accounting for G&NP (Governmental and Non-profit) organizations and profit seeking organizations.

Explanation of Solution

The following are the similarities in accounting for G&NP (Governmental and Non-profit) organizations and profit seeking organizations:

Both G&NP and profit seeking organizations use double entry system of book keeping for recording the transaction.
Both G&NP and profit seeking organizations use same accounting procedures like journal entries, general ledger, and chart of accounts.
Both the organizations follow GAAP (Generally Accepted Accounting Principles).

(b)

Expert Solution

To determine

Discuss the unique aspect of accounting for G&NP (Governmental and Non-profit) organizations.

Explanation of Solution

The unique aspect of G&NP organization are fund accounting and budgetary control techniques. Fund accounting is designed to separate funds based on the purpose they are used and it accounts their uses and balances. Budgetary control techniques help in controlling the over expended. It is the performance evaluator as it controls the amount of profit generated, statutory control, and helps in spending efficiently within the budget appropriation.

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

(a)

Expert Solution

To determine

Discuss the similarities in accounting for G&NP (Governmental and Non-profit) organizations and profit seeking organizations.

Explanation of Solution

The following are the similarities in accounting for G&NP (Governmental and Non-profit) organizations and profit seeking organizations:

Both G&NP and profit seeking organizations use double entry system of book keeping for recording the transaction.
Both G&NP and profit seeking organizations use same accounting procedures like journal entries, general ledger, and chart of accounts.
Both the organizations follow GAAP (Generally Accepted Accounting Principles).

(b)

Expert Solution

To determine

Discuss the unique aspect of accounting for G&NP (Governmental and Non-profit) organizations.

Explanation of Solution

The unique aspect of G&NP organization are fund accounting and budgetary control techniques. Fund accounting is designed to separate funds based on the purpose they are used and it accounts their uses and balances. Budgetary control techniques help in controlling the over expended. It is the performance evaluator as it controls the amount of profit generated, statutory control, and helps in spending efficiently within the budget appropriation.

Answer 8

(a)

Expert Solution

To determine

Discuss the similarities in accounting for G&NP (Governmental and Non-profit) organizations and profit seeking organizations.

Explanation of Solution

The following are the similarities in accounting for G&NP (Governmental and Non-profit) organizations and profit seeking organizations:

Both G&NP and profit seeking organizations use double entry system of book keeping for recording the transaction.
Both G&NP and profit seeking organizations use same accounting procedures like journal entries, general ledger, and chart of accounts.
Both the organizations follow GAAP (Generally Accepted Accounting Principles).

Answer 9

(a)

Expert Solution

Answer 10

(a)

Expert Solution

Answer 11

Expert Solution

Answer 12

To determine

Discuss the similarities in accounting for G&NP (Governmental and Non-profit) organizations and profit seeking organizations.

Answer 13

Explanation of Solution

The following are the similarities in accounting for G&NP (Governmental and Non-profit) organizations and profit seeking organizations:

Both G&NP and profit seeking organizations use double entry system of book keeping for recording the transaction.
Both G&NP and profit seeking organizations use same accounting procedures like journal entries, general ledger, and chart of accounts.
Both the organizations follow GAAP (Generally Accepted Accounting Principles).

Answer 14

(b)

Expert Solution

To determine

Discuss the unique aspect of accounting for G&NP (Governmental and Non-profit) organizations.

Explanation of Solution

The unique aspect of G&NP organization are fund accounting and budgetary control techniques. Fund accounting is designed to separate funds based on the purpose they are used and it accounts their uses and balances. Budgetary control techniques help in controlling the over expended. It is the performance evaluator as it controls the amount of profit generated, statutory control, and helps in spending efficiently within the budget appropriation.

Answer 15

(b)

Expert Solution

Answer 16

(b)

Expert Solution

Answer 17

Expert Solution

Answer 18

To determine

Discuss the unique aspect of accounting for G&NP (Governmental and Non-profit) organizations.

Answer 19

Explanation of Solution

The unique aspect of G&NP organization are fund accounting and budgetary control techniques. Fund accounting is designed to separate funds based on the purpose they are used and it accounts their uses and balances. Budgetary control techniques help in controlling the over expended. It is the performance evaluator as it controls the amount of profit generated, statutory control, and helps in spending efficiently within the budget appropriation.