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Respond to the following in a minimum of 175 words: Discuss the purpose of the capital projects fund, debt service fund, and permanent fund. Describe

Respond to the following in a minimum of 175 words:

  • Discuss the purpose of the capital projects fund, debt service fund, and permanent fund. Describe the difference between government-wide financial statements and fund-basis financial statements.
  • Why is it necessary for the federal government accounting standards to differ from state and local governments accounting standards?

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