1. What are some of the ways accounting information can assist citizens in grading their government?

2. What is meant by the term GAAP? What is the relationship between GAAFR and GAAP?

3. What criteria would you us to determine whether a not-for-profit university is covered by GASB or FASB accounting standards?

4. If you needed information about a governmental accounting topic not covered by GASB Statements, what other sources of information could you turn to for guidance?

5. What are the three key factors in the governmental environment, as described in GASB Concepts Statement No. 1, that influence accounting and reporting standards?

6. Describe the major differences between governments and corporations that create the need for different accounting standards?

Answers should be 3-4 sentences and at the MBA level