1. Do you think government and non-profit organizations should follow different accounting standards than for-profit organizations? Why or why not?
2. This week we review Budget Accounting and the budgeting process. As defined in its text, credits are "an authorization for administrators to spend financial resources on behalf of the government not to exceed the amounts specified in the appropriation ordinance or statute, for the purposes established in that ordinance or statute, during the specified period of Time ". Discuss what penalties or outcomes would exist if a manager spent more than the allocated amount on a particular expense. Give an example of how this could happen.