Differentiate government and for-profit business enterprises

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Reference no: EM131525485

Question: 1. Identify and describe the five environmental differences between governments and for-profit business enterprises as identified in the Governmental Accounting Standards Board's Why Governmental Accounting and Financial Reporting Is-and Should Be-Different.

2. Identify and briefly describe the three organizations that set standards for state and local governments, the federal government, and nongovernmental notfor-profit organizations.

3. What is the definition of a government as agreed upon by the FASB and GASB?

4. Describe the "hierarchy of GAAP" for state and local governments, the federal government, and nongovernmental not-for-profit organizations.

Reference no: EM131525485

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