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 i your own words the key environmental differences between governments and for-profit business enterprises.

http://www.gasb.org/cs/ContentServer?c=Document_C&pagename=GASB%2FDocument_C%2FGASBDocumentPage&cid=1176162354189

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

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