Why is it important that financial accounting systems report performance fairly and factually? 300 words with reference

1. 
 Why is it important that financial accounting systems report performance fairly and factually? 300 words with reference

 2. What are the differences in financial reports for a nonprofit entity versus a for-profit entity?  Be specific and explain how these types of organizations are different “ as well as alike. 300 words with reference

 
 
¦



.