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Comprehensive Annual Fnancial Report Briefing - Essay Example
Finance & Accounting
Pages 5 (1255 words)
Comprehensive Annual Financial Report Briefing Date Government accounting is usually different from for profit accounting. This is basically because the two have different objectives or goals. The main goals of a for-profit business are to maximize on the profits of the company…
As a result, they have to invest more in marketing because that is the component that will help the companies to boost their profits. On the other hand, the governmental organizations usually deal more on assisting citizens of the country. That means that the efforts of the government are usually towards helping the citizens of the country as opposed to making profits. Therefore most of the services that are offered by the government are usually subsidized and that will help to ensure that the poor and needy people in the community get access to the most essential facilities. The main sources of government revenue include fines that are collected, licenses, and donations. That means that any government facility that is available doe not majorly deal on the issue of making profit but basically charges a small fee for the facilities to be able to sustain their most essential needs (Martin, 2000). The other differences include the following, the owners of the government facilities is the public whereas for profit corporations are owned by shareholders. The decision is made by the shareholder of the company whereas the decision for governmental facilities is made by the people that have been elected by the public as their representatives. The government facilities do not aim at making profits while the for-profit corporations usually aim at making of profits. ...
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