Oll, guidance for similar transactions lL, TUnOWed by nonauthoritative sources. Considering the GAAP hierar- SlIOuId chy, respond to the following Now YOU Try. Now YOU Try 10.4 1. In your own words, describe the order in which sources should be considered in applying the state and local government GAAP hierarchy. 2. Now, compare this state and local GAAP hierarchy with the FASB's guidance for using authoritative versus nonauthoritative sources. Finally, in a sense, the GASB gives one nonauthoritative source priority over other sources Name this source, and explain why you believe it is given priority 3