Complete Solutions Manual for Accounting for Governmental & Nonprofit Entities, 19th Edition 19e by Jacqueline Reck, Suzanne Lowensohn, Daniel Neely and Earl Wilson. ISBN-13: 9954
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Chapter 1: Introduction to Accounting and Financial Reportingfor Government a...
Accounting for Governmental &
Nonprofit Entities, 19th Edition Reck
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, Chapter 01 - Introduction to Accounting and Financial Reporting for Government and Not-for-Profit Entities
CHAPTER 1: INTRODUCTION TO ACCOUNTING AND FINANCIAL
REPORTING FOR GOVERNMENT AND NOT-FOR-
PROFIT ENTITIES
Answers to Questions
1-1. Following is a list of some of the differences between business organizations and
government/not-for-profit organizations.
Business Organizations Government/Not-for-for profit
Organizations
Providers of resources expect either Many providers of resources do not
repayment or economic benefits expect repayment or economic
proportionate to the resources benefits proportionate to the
provided. resources provided.
Primary operations are undertaken Primary operations are not
to provide goods or services at a undertaken to provide goods or
profit. services at a profit or profit
equivalent.
There are defined ownership There are no defined ownership
interests that can be sold, interests.
transferred, or redeemed; or entitle
the owner to a share of remaining
resources at liquidation.
General Problem Information: Differences between types of organizations
Learning Objective: 1-1
Topic: Differences Between Governmental and Not-for-Profit Organizations
Bloom’s Taxonomy: Remember
Accreditation Skills tag: AACSB: Communication, AICPA: BB Industry
Level of Difficulty: Easy
1-2. a. GP c. SP e. GP
b. SP d. GP f. SP
General Problem Information: Distinguishing between general purpose and special
purpose governments
Learning Objective: 1-1
Topic: Differences Between Governmental and Not-for-Profit Organizations
Bloom’s Taxonomy: Remember
Accreditation Skills tag: AACSB: Communication, AICPA: BB Industry
Level of Difficulty: Easy
1-2
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