Question: Governmental and not-for-profit organizations do not differ significantly from for-profit organizations and therefore should follow for-profit accounting and reporting standards. Do you agree or disagree

Governmental and not-for-profit organizations do not differ significantly from for-profit organizations and therefore should follow for-profit accounting and reporting standards.” Do you agree or disagree with this statement? Why or why not?

Step by Step Solution

★★★★★

3.41 Rating (179 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Disagree As discussed in this chapter government and notfor... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

70-B-A-S-L-G (2).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Do you agree or disagree with this statement "The criminal justice system of the US is too lenient" Why or why not? Explain your position.

You agree or disagree with statement that Globalization brings benefits for MNCs. If you have been given an option for investment globally will you choose it or not? Give example & reasons in...

Explain if you agree or disagree with this statement: After the merger announcement the stock price greatly increased. Then it fell for the next 1-2 days before becoming relatively stable. This is...

Governmental and not-for-profit organizations do not differ significantly from for-profit organizations and therefore should follow for-profit accounting and reporting standards. Do you agree or...

Questions 1-1. Explain how general purpose governments differ from special purpose governments and give a few examples of each type of government. 1-2. "Governmental and not-for-profit organizations...

2. "Governmental and not-for-profit organizations do not differ significantly from for-profit organizations and therefore should follow for-profit accounting and reporting standards." Do you agree or...

This International Student Edition is for use outside of the U.S. PAUL A. COPLEY 2010 Essentials of Accounting for Governmental and Not-for-Profit Organizations FOURTEENTH EDITION Mc Graw Hill...

Could you do the continuous problem city of everlasting sunshine chapter 13 (1-10) section. Continuous Problem - City of Everlasting Sunshine Continuous Problem - City of Everlasting Sunshine TO...

I. Title: Assistant Controller in Your Home Town Prepare fund financial statements for a city, state or county government. II. Introduction: Governments have much in common with businesses; however,...

I have attached three documents. I am working on a group case and I am stuck on the highlighted memo part. How do I proceed with the memo. Please assist. How should this part be written without being...

Find the values of the variables. H a+4 5z+1 7m 9k 4 E 2 12a 3z 3m 25 8 43 -7 80 34 67

Q The paper of an old map drawn to a scale of 100 m to 1 cm has shrunk so that a line originally 10 cm has now become 9.4 cm. There was also a note on the plan that survey done with Gunther's Chain...

Discussion Topic: Build It , Fund It , Cash Out Then Do It Again! New ventures go through distinct phases in their lifecycle, each requiring strategic decisions and careful planning. This phrase...

The company entered into the following transactions during the year: Purchase of investment securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $400 Sale of investment securities . ....

What option value is used in the computation of compensation expense associated with a basic stock-based compensation plan?

The Olson Company adopted the dollar-value LIFO method for inventory valuation at the beginning of 2006. The following information about the inventory at the end of each year is available from the...

Items 1 through 8 are selected questions typically found in questionnaires used by auditors to obtain an understanding of internal controls in the inventory and distribution cycle. In using the...

Explain the difference in the accounting for detachable and nondetachable warrants.

A sample where each item in the population has an equal chance of being included in the sample is called a (a) stratified sample. (b) random sample. (c) comprehensive sample. (d) convenience sample.

What is the difference between a special district and a primary government?

What is the difference between the letter of transmittal and the MD&A of a comprehensive annual financial report?

What is a component unit? What does it mean when a primary government is financially accountable for a component unit?

You've observed the following returns on Crash-n-Burn Computer's stock over the past five years: 2 percent. -14 percent, 25 percent, 16 percent, and 13 percent. What was the arithmetic average return...

You would be more likely to borrow through an FRM if you believed that interest rates were going to increase. True False Question 4 The Federal Housing Administration (FHA) does not guarantee...

a company has a portfolio of stocks worth $100 million. the beta of the porfolio is 1.2. the company would like to use the CME december futures contract on the s&p 500 to change the beta of the...