You are the managing partner in a small accounting firm. You have just hired a group of accountants. These accountants have experience accounting for and auditing for-profit businesses, like NIKE, however, they have not worked with governmental entities before. You have hired them to work in your expanding state and local government practice. Draft a memo outlining the importance of government accounting and how it differs from accounting for for-profit businesses. Include the points addressed in the lecture notes and the issues we discussed in class. Address the following points: The characteristics of the five types of government entities. The sources of guidance for state and local accounting. The major differences between state and local governments and for-profit businesses and how these differences affect the way you account for and audit a government entity. The memo should be in good business form. It should be 1 to 2 pages.