I am learning about an accounting for government and NFP.
I would like to ask you about For-Profit vs. Government and NFP.
Could you tell me the differences and similarities among them?.
Particulars | For Profit | Government and Not for Profit organisation |
Objective | The principle objective is to maximise profit for the owner of business | The principle objective of government or NFP is to carry out maximum welfare activity in line of its mission/objective with the available resources |
Usage of Profit | Earned profit is either used for expansion of business or distributed to owners | Earned profit is recycled i.e. more welfare activities are aimed from profit |
Taxes | Usually this organisation are subject to taxes on income | Usually this organisation are not subject to taxes on income |
Book Keeping Principles for revenue and expenses | The core book keeping principle for accountin of revenue, expenses are same for organisation for profit & not for profit | The core book keeping principle for accounting of revenue, expenses are same for organisation for profit & not for profit |
Book Keeping Principles for assets and liabilities | Broadly assets and liabilities are not ear-marked | Broadly assets and liabilities are ear-marked i.e. they are utilised for specific purpose. E.g. Education fund balance is used only towards education activity and no other activity |
Financial reporting | They
Prepare : Balance Sheet Profit & Loss Statement Cash Flow Statement |
They
Prepare : Statement of Financial Position Statement of activities Cash Flow Statement |
Main operating Principle | Maximise Profit | Maximise Revenue with reduction in cost |
Hope above is helpful. Do let me know in case you need further information through comment
I am learning about an accounting for government and NFP. I would like to ask you...
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