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ANSWER IN YOU OWN WORDS! Dont forget to provide references. Thank you. What are some of the questions we have about the financial affairs of

ANSWER IN YOU OWN WORDS!

Dont forget to provide references.

Thank you.

What are some of the questions we have about the financial affairs of a government that its financial statements are designed to answer? What are the three groups that the GASB identifies in its Concept Statement No. 1 as the primary users of governmental financial statements?

Describe the fund accounting system.

Describe the current financial resources measurement focus and the modified accrual basis of accounting.

Property taxes are an important source of revenue for local governments. Describe the revenue recognition principal related to property taxes.

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