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ACC460_COOKE_WEEK1 - AnalysisPaper1 RUNNING HEAD ANALYSIS...

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Analysis Paper 1 RUNNING HEAD: ANALYSIS PAPER Governmental Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB) Analysis paper Keyyna Cooke ACC/460 03/29/2010 Dorothy Galiger
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Analysis Paper 2 Analysis Paper Contrast and Comparing Overall government and not for profit both have a similar goal, which is to provide services rather than focus on the dollar received; the goal of making something better, whether that bettering is for a community, church, politically, or a belief of change. Both GASB and FASB have a budget to abide by; the revenues of a government may be determined by legislative fiat, and if they are, the government may not be subject to the forces of competition faced by businesses ( Granof, 2007 ) Those of a not- for-profit (FASB) such as a college or private school would look to tuition, donations and other contributions to make revenue; this shows both government and not for profit is nothing like a business who focuses on sales to make revenue. The budget is a very important document. If an entity stays within budget, this shows the great management and accountability of money earned and used. Both government and not-for-profit follow this document extensively.
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