Question 1: In a well-written paragraph, (1) define interperiod equity and budgetary compliance; (2) explain the difference between interperiod equity and budgetary compliance; and (3) discuss 3 fiscal practices that promote or undermine interperiod equity.

Question 2: Discuss the basis of accounting and use of the following funds: (1)general fund, (2) debt service fund, (3) special revenue fund, (4) permanent fund, (5) internal service fund and (6) enterprise fund.