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1. Using your own words, what is the GASB and what is their function? Provide...

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Accounting

1. Using your own words, what is the GASB and what is their function? Provide a brief overview.

2. Based on GASBs White Paper (attached), Why Governmental Accounting and Financial Reporting is and Should be Different, describe the key environmental differences between governments and for-profit business enterprises.

3. Using your own words, explain the modified accrual basis of accounting.

4. Explain the GAAP Hierarchy for Governments. Why would a government accountant need to understand this hierarchy?

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