Accounting For Governmental & Nonprofit Entities
Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Chapter 17, Problem 2Q
To determine

Differentiate the hierarchy of GAAP (generally accepted accounting principles) for the federal government with state and local governments.

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Authoritative GAAP for state and local governments is divided into two categories with the first category having more authority than the second. What sources of GAAP are found in both of these categories?
What are the basic financial statements that a state or local government now produces?
Differentiate between the two sets of financial statements produced by state and local governments.
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