Explain the overall process used for financial reporting on government and non profit organizations? What are the key elements within this process> (10pts)
Answer the following questions. Each answer should be sufficient enough
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1.Discuss the differences between nonprofit, governmental, and commercial accounting (10 pts)
- Describe the use and application of the general fund and its differences as applied to the budgetary accounting practices we discussed in the course? (10 pts)
- Explain both capital and debt service funds. Describe the differences between the two funds? (10pts)
- Explain the overall process used for financial reporting on government and non profit organizations? What are the key elements within this process> (10pts)
- Explain revenue and expenditure fund accounting and the similarities and differences between these two methods? (10pts)
- Describe the CAFR, the components of it, uses, and how it is created overall?(10 pts)
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