Why is governmental/nonprofit accounting different from traditional business accounting?

Anonymous
timer Asked: Jul 2nd, 2018
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Question description

Week 1: Question 424

What are the characteristics that distinguish governmental and nonprofit organizations from businesses that are established for profit? Why is governmental/nonprofit accounting different from traditional business accounting? In other words, why not use the same accounting procedures for all types of entities?

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Perfectsolutions
School: UT Austin

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Running head: ACCOUNTING FOR DIFFERENT FIRMS

Accounting for Different Firms
Student’s Name
Institution

1

ACCOUNTING FOR DIFFERENT FIRMS

2

Accounting for Different Firms
The most significant difference between nonprofit and for-profit organizations lies in the
names of the different entities. In essence, the primary reason for business engagement for a forprofit organization is inc...

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