Define the seven key elements of the financial statements

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Question 1. Distinguish between funds as the term is used in governmental as contrasted with business accounting.

Question 2. In what way, if any, does the accounting equation as applied in governmental and not-for-profit accounting differ from that as applied in business accounting?

Question 3. Distinguish between nonspendable, restricted, committed, and assigned fund balance.

Question 4. Define the seven key elements that comprise the financial statements.

Reference no: EM131766025

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