| After studying this chapter, you should be able to: | |
| LO1 | Account for lease contracts where the state or local government finds itself as either lessor or lessee. |
| LO2 | Recognize the liability caused by the eventual closure and postclosure costs of operating a solid waste landfill as well as for the compensated absences earned by government employees. |
| LO3 | Record the donation and acquisition of works of art and historical treasures. |
| LO4 | Explain the reporting and possible depreciation of infrastructure assets. |
| LO5 | Understand the composition of a state or local government's comprehensive annual financial report (CAFR). |
| LO6 | Explain the makeup of a primary government and its relationship to component units. |
| LO7 | Understand the physical structure of a complete set of government-wide financial statements and a complete set of fund financial statements. |
| LO8 | Prepare financial statements for a public college or university. |