Accounting Processes Differ Between a For-Profit Entity and a Governmental

question 21

Essay

Accounting processes differ between a for-profit entity and a governmental entity.Discuss three differences between a governmental entity and a for-profit entity.

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Definitions:

Grievance Process

A mediation process through the human resources department utilized when an employee or employees feel they are treated unjustly.

Agenda

The list of topics discussed or presented at a meeting, in order of presentation.

Mediation

Intervention in a dispute in order to resolve it.

FICA

refers to the Federal Insurance Contributions Act tax, a United States federal payroll (or employment) tax imposed on both employees and employers to fund Social Security and Medicare—federal programs that provide benefits for retirees, the disabled, and children of deceased workers.