Question: It has been asserted that the main objective of a profit-making entity is to make a profit, while that of not-for-profit entity is to provide

It has been asserted that the main objective of a profit-making entity is to make a profit, while that of not-for-profit entity is to provide a service. Discuss this assertion in the context of the accounting requirements of different types of entities.

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1 A profitmaking entity will almost certainly prepare a profit and loss account at periodic interval... View full answer

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