Complete two exercises in government accounting.
Just as for-profit businesses must prepare financial statements for their stakeholders, state and local
government entities must also assemble their financial data and report the results to their constituents.
Readers of government financial statements have a wide variety of information needs; no single set of
statements is able to meet the needs of all of the users. Accountability of government officials and control
over public spending have always been essential elements of government accounting. The Governmental
Accounting Standards Board (GASB) is the authority that is charged with setting accounting standards for
state and local government entities.
In addition to the issues you examined in the previous assessment, there remain a number of other asset
issues to deal with when governmental accounting procedures are involved. The first such issue involves