Exchange versus non-exchange transactions
economics
Description
Discussion Question 1
In this discussion question you will describe the types of revenues that are typically earned by governments and not-for-profits.
What makes them different from for-profit entities? What is meant by the terms exchange versus non-exchange transactions? How does this affect the way that these transactions are recorded?
Discussion Question 2
In this discussion question, you will discuss the methodology that is used to record expenditures/expenses within non-business entities.
What is the distinction (if any) between an expenditure and an expense? What similarities and differences exist between how non-business entities record expenditures and how for-profit entities record expenses? Give specific examples.
