125.Identify the three basic fund categories, the funds that make up each of them, and the category’s basis of accounting. 126.Contrast the economic resources measurement focus and the current...

125.Identify the three basic fund categories, the funds that make up each of them, and the category’s basis of accounting.

126.Contrast the economic resources measurement focus and the current financial resources measurement focus with regard to the accounting treatment of long-term debt.

127.The FASB, GASB, and FASAB have each established a hierarchy of GAAP for financial statements preparers? List one category A and one category B item for each organization.

128.What are the four objectives that should be followed with respect to federal financial reporting according to SFFAC #1 as issued by the FASAB?