Your new financial accountant has just shown up for work and has settled into her small office. You asked her to join you for lunch and begin your orientation in how governmental accounting differs from for-profit financial accounting.

 She asks you some questions over lunch that you politely answer.

• Discuss both the meaning of, and the basis for, fund accounting—a major consideration and constraint on governmental accounting procedures and how that compares to financial reporting that is handled with far less constraints in the for-profit sector.
• Why do you believe fund accounting is so important?

The following grading criteria will apply to this assignment:

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