Briefly describe and discuss the differences between for-profit organizations and NPOs.

• Do you believe these differences justify the use of distinct accounting principles for each group? Why or why not?
• If not-for-profit GAAP does not address an issue, what other sources of guidance should be used? Under what circumstances these sources should be considered?
• Who are the primary stakeholders for most NPOs?
• Do you think accountability and interperiod equity are more relevant to NPOs than to for-profit organizations? Explain your response.
• How does transparency apply to NPOs? Do you think transparency is more or less easily attained by NPOs compared to for-profit organizations? Explain why.