For-profit and governmental account equivalent

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Reference no: EM133150943

Fund Balance

Prior to beginning work on this discussion forum, read Chapters 1, 2, and 3 in the text.

In governmental accounting, the account category fund balance is unique to governmental funds. This account has a counterpart account in for-profit accounting with a different name, but the purpose is the same. However, fund balance is more detailed than its counterpart in for-profit reporting.

Explain the similarities and differences between the for-profit and the governmental account equivalent, and describe at least two differences in the governmental account classification. Your post should be a minimum of 300 words, and the explanation should be entirely in your own words. For details on how to organize your comparisons, review the Writing Center's guide, Compare and Contrast Assignments.

Reference no: EM133150943

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