1. Describe the difference between the flow of financial resources measurement focus and the economic resources measurement focus.

2. Explain what interperiod equity means and provide an example.

3. What is the cornerstone of governmental financial reporting? Why?

4. What role did the rating agencies play in improving governmental financial reporting?

5. What is the service efforts and accomplishments model for financial reporting?

6. What is the importance of the jurisdictional agreement between the FASB and the GASB?

7. Is governmental financial reporting moving toward or away from the accrual for-profit model of financial reporting?

8. What role does the budget play in influencing governmental accounting?

9. Explain what the hierarchy of GAAP means and why it is important.

10. What relationship generally exists between the taxes paid by a citizen and the services received in return?

Answers should be 3-4 sentences and MBA level responses.