You recently landed your dream job working for the state as an accountant. You are given the task to research several state and local governmental financial accounting issues.
For each of the following issues, rank the guidance based on the governmental GAAP hierarchy.
1. Demonstrate knowledge of the current tax, auditing and accounting issues that concern governmental and not-for-profit entities
2. Explain the difference between various funds (i.e., general special revenue, restricted, unrestricted, etc.) used in governmental and not-for-profit accounting