Federal, state, local governments and nonprofitweve covered a good portion of the economy beyond the traditional for-profit businesses. The accounting journal entries and financial statements are different.

Knowing what you know now, reflect on the differences between the sectors and provide your opinion on

• if these changes are good or if every entity should report the same way,
• how competent you feel when reading a set of these different financial statements, and
• what you feel the general public needs to know about financial reporting done by these other types of entities.