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I don’t know how to handle this Economics question and need guidance.Explain and define the following acronyms used in this chapter: OPEB, GAAP, SEA, CAFR, AICPA, FASB and GASB.
What are the goals and purposes of a comprehensive financial report?
Explain how financial reports are used to enforce accountability of government entities.
Distinguish the purposes and motives of internal and external users of GAAP information, in relation to statutory requirements.
Explain the importance of the reporting of pension and retirement funds
and explain the budgetary process for a municipality. Explain how the process can be adjusted. if
revenue and expenditures are inconsistent with projections.
controllable and uncontrollable factors can influence the budget cycle and
execution of an approved budget.
the concept of revenue streams. How can
revenue streams be created or expanded.
What are the pros and cons of the creation of revenue streams.
the roles of “actors” in the budget process.
the concept of “stewardship” in governmental finance.
Requirements: 2 to 3 paragraphs | .doc file