Business Finance Homework Help

Part 1

Organizational standards require that there should be some sort of conceptual consideration to ensure consistency. To explore this idea, go to the Governmental Accounting Standards Board (Links to an external site.) website, key in the keywords concept statement in the search field, and hit enter. Then select one of the six GASB concept statements summaries, review the information, and then summarize this information in your own words. While no specific number of words is required, ensure you adequately cover the material for the class. Assume several paragraphs will likely be needed to summarize this material properly. For details on how to best summarize, 300 words

Part 2

In governmental accounting, the account category fund balance is unique to governmental funds. This account has a counterpart account in for-profit accounting with a different name, but the purpose is the same. However, fund balance is more detailed than its counterpart in for-profit reporting.

Explain the similarities and differences between the for-profit and the governmental account equivalent, and describe at least two differences in the governmental account classification. Your post should be a minimum of 300 words, and the explanation should be entirely in your own words. For details on how to organize your comparisons,