Prepare a memo that the controller will share with the staff before they begin the process of preparing the financial statements. 

1. What are some of the main differences between the accounting for a profit-oriented company and a governmental entity (non-for profit)? 

2. What are "government wide financial statements"? 

3. Do governmental entities follow GAAP? What organization oversees the frameworks for governmental reporting? Do governmental entities use accrual-based accounting? (i.e.-basis of accounting) 

4. What is fund accounting? Do governmental entities use fund accounting? 5. Do governmental entities need to be audited? Why?

Answer rating: 100% (QA)

Memo To All Staff From Controller Date Insert Date Subject Preparation of Financial Statements Key Differences and Considerations Dear Team As we embark on the process of preparing our financial state... View the full answer