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Describe what you feel are the most important differences between private-sector entities and public-sector entities with respect to accounting objectives, authoritative sources, and bases.

Address both of the following requirements:

  • Defend your choice of accounting practices; why are the differences you identify important?
  • Explain why the differences matter in their respective (private- and public-sector) contexts. Explain why each difference in accounting practice is proper and necessary in its context, or critique any current practice that is not proper for its context.
 
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