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Neo
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Experience:  BS Accounting
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for neo Taxation class---questions 1, 3-5, 7, 8 need answering

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"for neo" Taxation class---questions 1, 3-5, 7, 8 need answering What is the defining distinction between for-profit businesses and not-for-profit entities, including governments? What are the implications of this distinction for financial reporting? 2. Why is the budget a far more important document for both governments and not-for-profits than for businesses? 3. How and why might the importance of the budget affect generally accepted accounting principles for external (general-purpose) reports? 4. What is meant by ‘‘interperiod equity,’’ and what is its consequence for financial reporting? 5. Why may the ‘‘matching concept’’ be less relevant for governments and not-for-profits than for businesses? 6. What is the significance for financial reporting of the many restrictions that are placed upon a government’s resources? 7. Why is it difficult to develop accounting principles that are appropriate for governments within the same category (e.g., cities, counties) and even more difficult to develop them for governments within different categories? 8. What is the significance for financial reporting of a government’s power to tax? How does it affect the government’s overall fiscal strength?
Submitted: 6 years ago.
Category: Homework
Expert:  Neo replied 6 years ago.
Good day!

Which chapter are these located?
Customer: replied 6 years ago.
Government Accounting Entire Ebook chapter 1
Expert:  Neo replied 6 years ago.
THIS ANSWER IS LOCKED!

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