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Review Questions Chapter 1 and 2

Please retype questions as follow and answer in full detail. If you quote or paraphrase, please cite the source. I prefer you use the book; however, other credible sources can be used. Not Wikipedia, not Investopedia, etc. 1–4.What are the required financial statements for nongovernmental not-for-profit organizations?1–7.What is the primary financial reporting objective for not-for-profit organizations? How does this differ from the primary financial reporting objective for a government?1–16. Research Case—Federal Financial Reporting Objectives. Statement of Financial Accounting Concepts 1, “Objectives of Federal Financial Reporting,” identifies accountability and decision usefulness as the fundamental values of federal government financial accounting and reporting. The statement identifies four groups of users to whom the government owes accountability and the possible needs of each user group.2-7. What is meant by the terms deferred outflows of resources and deferred inflows of resources? When are these accounts used? Where are they reported on the financial statements?2–9. Identify the governmental fund balance classifications and give an example of what might be included in each classification identified:

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