Question
Years ago, the difference between accounting in commercial (for-profit) organizations and governmental accounting was somewhat simplistically described to me as follows: The goal of accounting
Years ago, the difference between accounting in commercial (for-profit) organizations and governmental accounting was somewhat simplistically described to me as follows: The goal of accounting in commercial organizations is to show the economic performance and financial position of the firm. The goal of governmental accounting is to show that funds were expended for the purpose for which they were appropriated.
Question: Do you agree with this characterization of the difference between the 2 types of accounting?
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Step: 1
The characterization provided offers a simplistic yet fundamentally accurate depiction of the key distinctions between commercial accounting and governmental public sector accounting However understan...
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
9th Canadian Edition, Volume 2
470964731, 978-0470964736, 978-0470161012
