| After studying this chapter, you should be able to: | |
| LO1 | Explain the history of and the reasons for the unique characteristics of the financial statements produced by state and local governments. |
| LO2 | Differentiate between the two sets of financial statements produced by state and local governments. |
| LO3 | Understand the reason that fund accounting has traditionally been such a prominent factor in the internal recording of state and local governments. |
| LO4 | Identify the three fund types and the individual fund categories within each. |
| LO5 | Understand the basic structure of government-wide financial statements and fund financial statements (as produced for the governmental funds). |
| LO6 | Record the passage of a budget as well as subsequent encumbrances and expenditures. |
| LO7 | Understand the reporting of capital assets, supplies, and prepaid expenses by a state or local government. |
| LO8 | Determine the proper timing for the recognition of revenues from nonexchange transactions. |
| LO9 | Account for the issuance of long-term bonds and the reporting of special assessment projects. |
| LO10 | Record the various types of monetary transfers that occur within the funds of a state or local government. |