Question: In your own word please answer these three questoions.
1. What types of transactions and accounts are considered deferred inflows and outflows of resources, and how do they differ from assets and liabilities?
2. How does the Statement of Cash Flows of a governmental entity differ from a Statement of Cash Flows prepared by a publicly-traded company under FASB?
3. What are component units and what is the criteria for inclusion in the financial statements of the primary government?