1. GASB Statement No. 34 requires reporting using both the financial resources measurement focus and the economic resources measurement focus. How do these two focuses differ, and what impact do they...

1. GASB Statement No. 34 requires reporting using both the financial resources measurement focus and the economic resources measurement focus. How do these two focuses differ, and what impact do they have on the presentation of financial information? Why would the addition of reporting under the economic resources focus provide added value to the understanding of the governmental operations? Identify two accounts that would be accounted for differently under the two focuses.