(3) (i) XYZ Ltd prepares financial statements to show profitability and returns to shareholders, while PQ Local Government prepares statements to demonstrate accountability and proper use of public funds. (ii) XYZ Ltd produces Profit and Loss Accounts and Balance Sheets following company accounting standards, while PQ Local Government prepares Statements of Financial Position and Revenue & Expenditure based on public sector accounting standards. (iii) XYZ Ltd follows private sector regulations like GAAP or IFRS, while PQ Local Government adheres to public sector accounting standards such as IPSAS. (iv) XYZ Ltd’s financial statements are mainly for shareholders and investors, while PQ Local Government’s statements are for the public, government regulators, and oversight bodies. (v) In XYZ Ltd, surpluses increase retained earnings and equity, while in PQ Local Government, surpluses affect accumulated funds without representing profit distribution.