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Please answer the following questions separately and cite correctly (it is essential)
Does it make sense to you the use of fund accounting for state & governmental transactions instead of using GAAP? Why? Explain your position. Any reference/source?
What measurement focus is used in government-wide financial statements and what system is applied to determine the timing of revenue and expenses recognition? Explain and support
What impact does the use of modified approach have on reporting within the government-wide financial statements? Explain and support
Under what condition is the modified approach applied by a state or local government? Explain and support
What does a comprehensive annual financial report (known as CAFR) include? Explain and support