For-profit and non-profit organizations
Student’s Name
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Classmate 1
I agree with this post on the many differences and similarities between the number of non-profit organizations and the number of non-profit organizations. As the post explains, profit for-profit and non-profit accounting are similar to debit, credit, salary, and other standard business processes. The difference lies in the additional non-profit bookkeeping, which focuses on how the company uses its resources to achieve the goal, not investors’ profit or concerns. A non-profit organization, unlike a non-profit business, does not provide investors or stock. Its shareholders are providers and managers(Shanker, 2020). Its nature is not to enrich anyone, but to provide goods and services to society.
Classmate 2
In this post, I agree that there are many differences between non-profit and non-profit organizations. However, I can’t entirely agree that there are many similarities between non-profit organizations and profitable businesses. Their differences start with their main activities – there are non-profit organizations and non-profit companies that can meet society’s needs – they continue their numerical practices (University, 2020). These two companies’ accounting requirements have the same goal – transparent and accurate financial disclosure – and the government report for each is very different. However, there are similarities with the non-profit net asset segment, which is not limited or regulated.
References
Shanker, S. (2020). Is There a Difference Between Profit & Nonprofit Accounting?. Retrieved 10 September 2020, from https://bizfluent.com/about-7518179-there-between-profit-nonprofit-accounting.html
University, W. (2020). For-Profit vs. Nonprofit Accounting – Key Differences | Walden University. Retrieved 10 September 2020, from https://www.waldenu.edu/online-bachelors-programs/bs-in-accounting/resource/for-profit-vs-nonprofit-accounting-key-differences