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accounting for governmental & nonprofit entities reck pdf
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Accounting for governmental and nonprofit entities, also known as governmental and nonprofit accounting, is a specialized branch of accounting that focuses on the unique financial reporting requirements and regulations governing these types of organizations. Unlike for-profit businesses, governmental and nonprofit entities have different objectives and stakeholders, such as providing public services or fulfilling a charitable mission, which impact their financial reporting. This type of accounting often involves specific fund accounting and budgeting procedures, compliance with regulatory requirements, and transparency in reporting to demonstrate accountability to taxpayers, donors, and other constituents. Accounting for governmental and nonprofit entities also includes the use of specialized accounting standards, such as Generally Accepted Accounting Principles (GAAP) for governmental entities or Financial Accounting Standards Board (FASB) standards for nonprofit organizations, to ensure accurate and consistent financial reporting. Overall, accounting for governmental and nonprofit entities plays a crucial role in ensuring the financial integrity and accountability of these organizations in serving the public interest.