Describe the Major Differences That Exist in the Purpose of Accounting

question 33

Essay

Describe the major differences that exist in the purpose of accounting and reporting and in the types of reports of a large city when compared to a large public company.

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Definitions:

Debts

Money owed by one party, the borrower, to a second party, the lender; an obligation to pay or do something.

Needs

Essential requirements or necessities for individuals or organizations to function effectively or achieve objectives.

Determining

The process of establishing the key factors, causes, or outcomes of a given scenario or problem.

Thinking

Thinking is the process of considering or reasoning about something, involving mental activity to form ideas, judgements, or solve problems.