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Many industries have special rules about financial statements in addition GAAP.

by | Apr 28, 2022 | Accounting | 0 comments

 

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Many industries have special rules about financial statements in addition GAAP. The rules are to make statements comparable between different companies and to assist investors, lenders and other financial professionals in making decisions. There are two primary sets of financial statements, one from a non-profit entity and the other from a for-profit entity. ***Compare the formats of the two sets of financials and write a two-page report. On one page identify the similarities in the financial statements and the other pages identify the differences. Both sets of financial statements are prepared in accordance with generally accepted accounting principles accepted in the United State of America.

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