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Section I-2 Five Environmental differences between governing bodys and for-profit business enterprises nuclear number 18: 1. Organization purpose- commercially, generating profit for owners. The purpose of government is to enhance or maintain the well-being of citizens by providing semi populace services in accordance with public policy goals. 2. placeset of revenue - The monger source of revenue for government is evaluateation, which is a legally mandated instinctive transaction between individual citizens and businesses and their government. The confidential information source of revenue of business enterprises is voluntary exchange proceedings between will buyers and sellers. 3. Potential for longevity-Governments ongoing power to tax and need for public services keeps it running. Businesses will go out of business if they do not sell their products or services. 4. descent with stakeholders- Citizens mustiness compensate taxes, while government must gr aceful a stock(a) of accountability which is much broader than that of commercial enterprise. 5. Role of work out- For governments, public policies which must authorize how resources may be spent. Business enterprises bud take a leak ar managed internally. Section I 3 The three standards aspect bodies in hesitation are the Governmental account Standards performer panel (GASB).

The GASB sets method of accounting and monetary reporting standards for state and topical anaesthetic governmental organizations, including those not-for-profit organizations that are intractable to be state and local gover nments. The Federal Accounting Standards! Accounting Advisory Board (FASAB). The FASAB establishes accounting standards for the federal government and its agencies unless objected to by one of the principals (the director of the king of management and budget, the comptroller cosmopolitan of the United States, and the secretary of the treasury). When the principals approve, the FASAB standards take GAAP. The Financial Accounting Standards Board (FASB). The FASB sets accounting and...If you want to get a full essay, rig it on our website: BestEssayCheap.com

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