Explain the overall process used for financial reporting on government and non profit organizations? What are the key elements within this process

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

 

1.Discuss the differences between nonprofit, governmental, and commercial accounting  (10 pts)

    1. 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)
    2. Explain both capital and debt service funds.  Describe the differences between the two funds? (10pts)
    3. Explain the overall process used for financial reporting on government and non profit organizations?  What are the key elements within this process> (10pts)
    4. 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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