Two Separate Discussion Questions (Must be answered separately and use reference)

Question 1

Read the journal article “Cracking the Nonprofit
Accounting Code.” Based on the information presented in the article, discuss:

a.How and why does the accounting system used by
governmental/nonprofit entities differ from the system used by for-profit
entities?

b.How does the annual financial report of a
governmental/nonprofit entity differ from the report of a for-profit entity?

c.The user of a for-profit financial report is usually
interested in the bottom line, net income. What are some top interests of the
user of the financial reports of a governmental/nonprofit entity? Reference
this week’s lecture to support your post.

Question 2

State or local government entities can engage in
governmental activities as well as business-type activities. Provide two
examples of each activity type. Discuss how and why accounting and financial
reporting differs between the two types.