26.Explain the different purposes of the fund-based and government-wide financial statements of a state or local government and the primary differences between the fund-based and government-wide operating statements.

27. Describe the format prescribed by the Governmental Accounting Standards Board (GASB) for the government-wide statement of activities and how that format benefits financial statement users.

28.Distinguish among appropriations, allotments, expenditures, encumbrances, and expenses.

29.Explain why some transactions for governmental activities at the government-wide level are reported differently than transactions for the general fund. Provide some examples of transactions that would be recorded in the general journals of a) only the general fund, b) only government activities at the government-wide level, and c) both the general fund and the government activities at the government-wide level.

30.When preparing the statement or schedule of revenues, expenditures, and changes in fund balance on the budgetary basis, how are encumbrances outstanding at year-end treated if they will be honored in the upcoming year?