Fund Balance [WLOs: 1, 3] [CLOs: 1, 3, 6] Prior

 Fund Balance [WLOs: 1, 3] [CLOs: 1, 3, 6]

Prior to beginning work on this discussion forum, read Chapters 1, 2, and 3 in the text.

In governmental accounting, the account category fund balance is unique to governmental funds. This account has a counterpart account in for-profit accounting with a different name, but the purpose is the same. However, fund balance is more detailed than its counterpart in for-profit reporting.

Explain the similarities and differences between the for-profit and the governmental account equivalent, and describe at least two differences in the governmental account classification. Your post should be a minimum of 300 words, and the explanation should be entirely in your own words. For details on how to organize your comparisons, review the Writing Center’s guide, Compare & Contrast Assignments (Links to an external site.) .

Guided Response: Later, come back to this discussion, read your peers’ summaries, and select at least two of these to comment on. Your comments should focus on the content of their response, and you should explore one or more points of the information in detail, perhaps asking a question or two for clarification, or expanding on the concept presented to add to and generate additional discussion.