How does accounting differ from budgeting? 2. Why are principles of accounting so important? 3. Who uses nonprofits' financial information and why? 4. Give an example of cash accounting, accrual accounting, and modified accrual accounting. 5. Why is the principle of matching so important? 6. What is the accounting equation and why is it important? 7. Explain FASB 117. 8. What are the recent trends in government oversight of nonprofits? 9. Describe how the balance sheet and income statement fit together. 143

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Difference between Accounting and Budgeting Accounting involves the systematic recording analyzing and reporting of financial transactions of a business or organization It encompasses various processe... View the full answer