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1. Describe the two general types of governmental financial statements. Your description should include what financial statements are required and the measurement focus of each.

image text in transcribed 1. Describe the two general types of governmental financial statements. Your description should include what financial statements are required and the measurement focus of each. 2. What is the rationale behind governments having two separate types of financial statements? 3. What are nonexchange transactions and how are they accounted for

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