A1 Twatt - C hapter 1 Tiffany Watt Assignment A1 AC 325 E01...

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Chapter 1 Tiffany Watt Assignment: A1 January 24, 2011 AC 325 – E01 Questions 1-1. In my opinion, financial reporting practices of government and not-for-profit organizations differ from reporting practices of business organizations primarily because of the distinct objectives of the two. For example, the main goal of many businesses is to make a profit. On the other hand, not-for-profit as well as some governmental organizations main objective is to serve the public. 1-4. The standard-setting bodies are as follows: (1) GASB, (2) FASB, (3) FASB, (4) FASAB. 1-6. Fund financial statements help users assess fiscal accountability, which is defined as the assessment of whether the government has raised and spent financial resources in accordance with budget plans and in compliance with pertinent laws and regulations. Operational accountability, on the other hand, is the assessment of whether the government has used its resources efficiently and effectively in meeting operating objectives. Government-wide financial statements
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A1 Twatt - C hapter 1 Tiffany Watt Assignment A1 AC 325 E01...

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