Discussion

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pc26380

Business Finance

Description

Describe what you feel are the most important differences between private-sector entities and public-sector entities with respect to accounting objectives, authoritative sources, and bases.

Address both of the following requirements:

  • Defend your choice of accounting practices; why are the differences you identify important?
  • Explain why the differences matter in their respective (private- and public-sector) contexts. Explain why each difference in accounting practice is proper and necessary in its context, or critique any current practice that is not proper for its context.

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Explanation & Answer

Attached.

Running head: DIFFERENCES BETWEEN PUBLIC AND PRIVATE SECTOR ENTITIES

Differences between public and private sector entities
Institution Affiliated
Date

1

DIFFERENCES BETWEEN PUBLIC AND PRIVATE SECTOR ENTITIES

2

Public sector entities refer to entities in which the government has a stake while private
sector entities are those owned by private citizens but are only regulated by government
agencies. Financial management varies from the public sector ...

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