Describe what you feel are the most important differences between private-sector entities and public-sector entities with respect to accounting objectives, authoritative sources, and bases.

Address both of the following requirements:

• Defend your choice of accounting practices; why are the differences you identify important?
• Explain why the differences matter in their respective (private- and public-sector) contexts. Explain why each difference in accounting practice is proper and necessary in its context, or critique any current practice that is not proper for its context.