Federal, state, local governments and nonprofit—we’ve covered a good portion of the economy beyond the traditional for-profit businesses. The accounting journal entries and financial statements are different.
Knowing what you know now, reflect on the differences between the sectors and provide your opinion on if these changes are good or if every entity should report the same way, how competent you feel when reading a set of these different financial statements, and what you feel the general public needs to know about financial reporting done by these other types of entities.
