GOVERNMENT AND NONPROFIT ACCOUNTING RESUME CHAPTER 1 purlieu AND CHARACTERISTICS ENVIRONMENT AND CHARACTERISTICS Accounting and financial reporting for governments and nonprofit (G&NP) organizations, as strong as G&NP auditing, are based on distinctive concepts, standards, and procedures that accommodate their environments and the needs of their financial report users. CHARACTERISTICS AND TYPES OF G&NP ORGANIZATIONS Governments and other nonprofit organizations are unique in the following ways: 1. They do not attempt to garner a profit â€"and most are exempt from income taxesâ€"so typical business accounting, including income tax accounting, usually is not appropriate. 2. They are owned collectively by their constituents and because ownership is not attest by equity contends that can be sold or traded residents who are dissatisfied with their government must await a change in its elected governing body or move elsewhere. 3. Those contributing financial resources to the organizations do not necessarily receive a direct or proportionate share of their services. 4.
Their major policy decisions, and perhaps some operating decisions, typically are made by majority vote of an elected or appointed governing body whose members serve pause time, receive modest or no compensation, and have respective(a) backgrounds, philosophies, capabilities, and interests. 5. Decisions usually must be made “in the sunshine†â€"in meetings outdoors the public, including the news mediaâ€"and most have “open records†laws that make their accounting and other records open the public. A G&NP organizations exists because a community or society decides to go out certain goods or services to its group as a whole. The major types of government and nonprofit organizations may be class as: 1. Governmental 2. Educational 3. Health and welfare 4. Religious 5. Charitable 6. Foundations... If you want to get a plentiful essay, order it on our website: Orderessay
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Their major policy decisions, and perhaps some operating decisions, typically are made by majority vote of an elected or appointed governing body whose members serve pause time, receive modest or no compensation, and have respective(a) backgrounds, philosophies, capabilities, and interests. 5. Decisions usually must be made “in the sunshine†â€"in meetings outdoors the public, including the news mediaâ€"and most have “open records†laws that make their accounting and other records open the public. A G&NP organizations exists because a community or society decides to go out certain goods or services to its group as a whole. The major types of government and nonprofit organizations may be class as: 1. Governmental 2. Educational 3. Health and welfare 4. Religious 5. Charitable 6. Foundations... If you want to get a plentiful essay, order it on our website: Orderessay
Order your essay at Orderessay and get a 100% original and high-quality custom paper within the required time frame.
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