Question: QUESTION 27 In prior courses, you learned about the elements of financial statements for businesses, (such as assets, liabilities, revenues, etc.) This question asks about

QUESTION 27 In prior courses, you learned about the elements of

QUESTION 27 In prior courses, you learned about the elements of financial statements for businesses, (such as assets, liabilities, revenues, etc.) This question asks about similarities and differences between the elements for businesses, and the elements used in financial statements of governmental funds. Are assets defined the same way for businesses and governments? If they are different, briefly explain how they are different. (4 points)

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