this is a weekly wrap up summary. in week 1 i was introduced to the following objectives: Compare and contrast private sector financial accounting with accounting for government and not-for-profit organizations. Describe government (fund) accounting and the five types of government funds Describe the purpose and elements of financial reporting for government organizations. Describe the budgeting and encumbrance processes in government accounting. Write a post of no more than 350-words summarizing the material covered.