Question: 1. Identify and describe the five environmental differences between governments and for-profit business enterprises as identified in the Governmental Accounting Standards Board's Why Governmental Accounting and Financial Reporting Is-and Should Be-Different.
2. Identify and briefly describe the three organizations that set standards for state and local governments, the federal government, and nongovernmental notfor-profit organizations.
3. What is the definition of a government as agreed upon by the FASB and GASB?
4. Describe the "hierarchy of GAAP" for state and local governments, the federal government, and nongovernmental not-for-profit organizations.