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1. what is the difference between private and governmental not-for-profit organization and who oversees the accounting requirements for each type of organization?

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The degree of public participation is the difference between a private and a governmental not-for-profit organization. The Financial Accounting Standards Board oversees the accounting requirements for each type of organization.

What is the definition of a not-for-profit organization?

  1. Organizations that are not for profit do not generate income for their owners.
  2. A not-for-profit organization uses all of the money it makes or receives in donations to further its goals and maintain its operations. Members, directors or officers do not receive any of the money.

What is the Financial Accounting Standards Board?

The Financial Accounting Standards Board is a private organization that develops standards with the goal of establishing and enhancing Generally Accepted Accounting Principles in the United States for the benefit of the general public.

The degree of public participation is the difference between a private and a governmental not-for-profit organization. The Financial Accounting Standards Board oversees the accounting requirements for each type of organization.

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