Why do governments use fund accounting

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Reference no: EM131863169

Question: 1. What are the defining distinctions between for-profit businesses and not-for-profit entities, including governments? What are the implications of these distinctions for financial reporting?

2. Why are measures of "service efforts" and "accomplishments" of more concern for government and not-for-profits than for business?

3. Hi I need answer to these questions, What is the significance for financial reporting of a government's power to tax? How does it affect the government's overall fiscal strength?

4. Which is more challenging, governmental & not-for-profit accounting or for-profit business accounting? Why?

5. Why do governments use Fund Accounting? What are the unique characteristics of Fund Accounting?

6. Should Not-for-Profit organizations be able to turn a profit? If so, what is reasonable?

Reference no: EM131863169

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