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ACCOUNTING F/GOV.+..(LL)-W/CODE>CUSTOM<
18th Edition
ISBN: 9781264107919
Author: RECK
Publisher: MCG CUSTOM
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Chapter 13, Problem 1Q
To determine

Identify the difference between the characteristics of not-for profit and for-profit organizations.

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Explanation of Solution

Not-for Profit Organization: A not for profit organization, is a business type operated by individuals or specific groups of people to carry out the beneficial activities to the society. They do not focus on profit generation.

The difference between the characteristics of not-for profit and for-profit organizations are:

  • The ownership is not properly defined.
  • The focus is on provision of goods and not on profit.
  • The resources provided may not get the direct benefit worth the value of the resources.

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