Overview What is fund accounting? According to the authors of your textbook, Debra C. Jeter and Paul K. Chaney (2022), “Accounting for nonbusiness organizations is referred to as fund accounting. Nonbusiness organizations are economic entities that are organized to provide a socially desirable service without regard to financial gain. In contrast, business enterprises are designed to earn a return on investment for equity investors, operate in a competitive market, and face liquidity concerns.”
In this short paper, you will explore fund accounting, including the principles, standards, and methods used. You will also explain the differences between government entities, nonprofit entities, and partnerships.
Specifically, you must address the following rubric criteria:
Explain the principles and methods used for fund accounting.
Explain how government entities use fund accounting.
Explain how nonprofit entities use fund accounting.
Describe at least one rule for each of the following: Government entities Nonprofit entities Partnerships Your response should include a total of three to six rules.
Explain at least three main differences between the following: Government entities Nonprofit entities Partnerships
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