You are running some sessions for volunteers who keep the books for not-for-profit associations, such as local football and netball clubs, to develop their knowledge of accounting and its importance so they can understand their role in their association.

Writ a short report explaining the role and purpose of accounting, the two key types of accounting and the type of information they produce. Discuss the accounting processes and systems that are used to collect accounting information (eg. General Journal) and the purpose of financial statements to their organisations.

Include in your discussion some information about the role and purpose of accounting standards and how they are set. Finally, provide a brief explanation as to the regulatory environment in Australia for financial reporting and explain why the not-for-profit entities are, or are not, required to comply with all accounting standards

Please Make sure your answer is correct, take your time as much as you want, just make sure it is correct answer