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15. (Matching organizational characteristics with different types of organizations.)

Listed below are some identifying characteristics of organizations. Indicate with a check mark () in the appropriate column(s) those characteristics that apply to each type of organization. Some characteristics may apply to more than one type of organization.

Characteristic Type of Organization Business Not-for-Profit Government Has a need for accounting Operates according to a legal budget Has equity shareholders Receives voluntary contributions Levies and enforces collection of taxes Revenues are based on exchange transactions Follows fund accounting Subject to FASB pronouncements Is exempt from federal income taxes Financial reporting focuses on entity as a whole

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