A key difference in for-profit and nonprofit standards is the concept of fund accounting, which focuses on accountability and stewardship rather than profitability. For-profit entities have a general ledger, which is a single self-balancing account — while nonprofits typically have a number of general ledgers, or funds. This accounting framework enables these organizations to separate resources into various accounts in order to identify individual sources of funds and their use. And since nonprofit organizations receive many benefits as tax-exempt organizations, they must keep detailed records about contributions, assets, and expenses.