1. Briefly describe the differences between governmental accounting standards and that for private accounting.

2. Briefly describe how governmental accounting impacts a company/organization you are familiar with or work for.

3. The given needs of government organizations (Federal, State, and local) requires a different set of accounting standards. Briefly describe the following:

1. Federal Accounting Standards Advisory Board (FASAB)

2. Governmental Accounting Standards Board (GASB)

3. Financial Accounting Standards Board (FASB)

4. Briefly describe how governmental accounting controls resources by compartmentalizing activities into different funds.

5. Briefly show examples of account titles for governmental accounting control resources that compartmentalize activities into different funds.

6. Briefly describe the accrual basis of accounting with governmental funds recognizing when transactions will be recorded and what transactions will be recorded.