Similarities and Difference in Accounting between for Profit and Not for Profit
- Both for profit and not for profit companies have limited resources that should be used to meet the intended goal of the organization.
- Both for profit and not for profit organizations have missions and goals that are well defined to ensure that its labour force enables the company to achieve the goals and mission.
- Although labour force in both for profit and not for profit organization consisting mostly of volunteers, for profit and not for profit companies also hire and pay their employees.
- Both for profit and not for profit companies make an income that they reinvest back to the company to help support its course.
In a for-profit organization, entities or individuals own shares or percentages that is known as equity. An individual’s percentage of stock of ownership is documented in a firm’s accounting system and can either increase or decrease over a given period of time. People listed in the company’s books are entitled to get benefits as a result of the firm’s activities, which they receive in terms of disbursements or dividends of profits. On the other hand, is not for profit, the company is not owned by anyone. Despite an individual founding the company or being of the virtue of sitting in the firm’s board of directors, they do not own any percentage of the organization.
In a for-profit organization, the management has a habit of tracking expenses and revenue related to the sale of goods and services in the company’s general ledger. In a not for profit organization, the sale of goods and services is not for profit; hence, its products and services can be tracked by the use of ordinary charts of accounts found within a general ledger.
In a for-profit organization, balance sheets are kept to reflect on the assets owned by the company thereby easing the distribution of the assets to shareholders. On the other hand, in a not for profit firms, they keep financial position statements that reflect the company’s assets at hand, which can be used to help the company further its mission.
Response for Shelly Eide Discussion
Shelly, your discussion regarding the similarities and difference in accounting between for profit and not for profit organization insightful and has not followed instructions given by the tutor. Although you have provided the difference between not for profit and for-profit companies, you have not highlighted similarities between for profit and not for profit firms. Besides, despite having talked about the differences in accounting for profit and not profit companies, you have not documented their differences based on organizational ownership, fund accounting, and financial reporting as required by guidelines provided by the teacher. I believe it is essential to follow the guidelines given while undertaking an assignment. As such, since the assignment required you to give similarities and difference in accounting between for profit and not for profit organization, you should have divided your work into two subsections; similarities and difference. Subdividing would have helped readers understand the similarities that you have provided, as well as, the differences. For that reason, when you are given such an assignment in the future, ensure that you have followed all the instructions given and also subdividing where necessary to enhance easy understanding when going through the work.
Response for Michael Chamberlain
Chamberlain, although your work is great and insightful, you have not followed guidelines given to the latter. According to the instructions, students should provide similarities and difference between for profit and not for profit organization. However, based on your discussion, you have only provided the differences. Nonetheless, I find your research on the differences between for profit and not for profit great and insightful. Just like Shelly, your work on the difference between for profit and not for profit companies is also not well arranged based on the guidelines provided. According to the guidelines given, we are required to research the difference based on organizational ownership, fund accounting, and financial reporting. However, your work, despite having addressed such concepts, is not arranged based on those subtopics. As such, readers of your discussion will find it challenging to identify differences based on what our tutor wants. To ensure that your discussion meets the needs of the tutor, you should ensure that your research is subdivided based on what is required in the guidelines. In this case, you should have subdivided your discussion into two sections, similarities and differences.
Get Professional Assignment Help Cheaply
Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?
Whichever your reason is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.
Why Choose Our Academic Writing Service?
- Plagiarism free papers
- Timely delivery
- Any deadline
- Skilled, Experienced Native English Writers
- Subject-relevant academic writer
- Adherence to paper instructions
- Ability to tackle bulk assignments
- Reasonable prices
- 24/7 Customer Support
- Get superb grades consistently
Online Academic Help With Different Subjects
Students barely have time to read. We got you! Have your literature essay or book review written without having the hassle of reading the book. You can get your literature paper custom-written for you by our literature specialists.
Do you struggle with finance? No need to torture yourself if finance is not your cup of tea. You can order your finance paper from our academic writing service and get 100% original work from competent finance experts.
While psychology may be an interesting subject, you may lack sufficient time to handle your assignments. Don’t despair; by using our academic writing service, you can be assured of perfect grades. Moreover, your grades will be consistent.
Engineering is quite a demanding subject. Students face a lot of pressure and barely have enough time to do what they love to do. Our academic writing service got you covered! Our engineering specialists follow the paper instructions and ensure timely delivery of the paper.
In the nursing course, you may have difficulties with literature reviews, annotated bibliographies, critical essays, and other assignments. Our nursing assignment writers will offer you professional nursing paper help at low prices.
Truth be told, sociology papers can be quite exhausting. Our academic writing service relieves you of fatigue, pressure, and stress. You can relax and have peace of mind as our academic writers handle your sociology assignment.
We take pride in having some of the best business writers in the industry. Our business writers have a lot of experience in the field. They are reliable, and you can be assured of a high-grade paper. They are able to handle business papers of any subject, length, deadline, and difficulty!
We boast of having some of the most experienced statistics experts in the industry. Our statistics experts have diverse skills, expertise, and knowledge to handle any kind of assignment. They have access to all kinds of software to get your assignment done.
Writing a law essay may prove to be an insurmountable obstacle, especially when you need to know the peculiarities of the legislative framework. Take advantage of our top-notch law specialists and get superb grades and 100% satisfaction.
What discipline/subjects do you deal in?
We have highlighted some of the most popular subjects we handle above. Those are just a tip of the iceberg. We deal in all academic disciplines since our writers are as diverse. They have been drawn from across all disciplines, and orders are assigned to those writers believed to be the best in the field. In a nutshell, there is no task we cannot handle; all you need to do is place your order with us. As long as your instructions are clear, just trust we shall deliver irrespective of the discipline.
Are your writers competent enough to handle my paper?
Our essay writers are graduates with bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college degree. All our academic writers have a minimum of two years of academic writing. We have a stringent recruitment process to ensure that we get only the most competent essay writers in the industry. We also ensure that the writers are handsomely compensated for their value. The majority of our writers are native English speakers. As such, the fluency of language and grammar is impeccable.
What if I don’t like the paper?
There is a very low likelihood that you won’t like the paper.
- When assigning your order, we match the paper’s discipline with the writer’s field/specialization. Since all our writers are graduates, we match the paper’s subject with the field the writer studied. For instance, if it’s a nursing paper, only a nursing graduate and writer will handle it. Furthermore, all our writers have academic writing experience and top-notch research skills.
- We have a quality assurance that reviews the paper before it gets to you. As such, we ensure that you get a paper that meets the required standard and will most definitely make the grade.
In the event that you don’t like your paper:
- The writer will revise the paper up to your pleasing. You have unlimited revisions. You simply need to highlight what specifically you don’t like about the paper, and the writer will make the amendments. The paper will be revised until you are satisfied. Revisions are free of charge
- We will have a different writer write the paper from scratch.
- Last resort, if the above does not work, we will refund your money.
Will the professor find out I didn’t write the paper myself?
Not at all. All papers are written from scratch. There is no way your tutor or instructor will realize that you did not write the paper yourself. In fact, we recommend using our assignment help services for consistent results.
What if the paper is plagiarized?
We check all papers for plagiarism before we submit them. We use powerful plagiarism checking software such as SafeAssign, LopesWrite, and Turnitin. We also upload the plagiarism report so that you can review it. We understand that plagiarism is academic suicide. We would not take the risk of submitting plagiarized work and jeopardize your academic journey. Furthermore, we do not sell or use prewritten papers, and each paper is written from scratch.
When will I get my paper?
You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.
Will anyone find out that I used your services?
We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.
How our Assignment Help Service Works
1. Place an order
You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.
2. Pay for the order
Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.
3. Track the progress
You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.
4. Download the paper
The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.
PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET A PERFECT SCORE!!!