Distinguish between and define the terms “expenditures” and “expenses”, referencing material in the textbook and within the GASB accounting standards, as well as other appropriate references

Please include question with answer and reference about 5-6 lines per question.

Go to the GASB Website to read the article “Why Governmental Accounting and Reporting Is – And Should Be – Different,” located at http://www.gasb.org/jsp/GASB/Document_C/GASBDocumentPage&cid=1176162354189.

There are two (2) terms discussed in this document: (1) the current financial resources flows measurement focus, and (2) the economic resources flows measurement focus. Ascertain the primary differences between the two (2) terms, and determine the way in which they are incorporated into fund accounting / fund financial statements and the government-wide financial statements. Justify your response.

Distinguish between and define the terms “expenditures” and “expenses”, referencing material in the textbook and within the GASB accounting standards, as well as other appropriate references. Suggest why this distinction is of such importance and consideration to governmental entities in comparison to corporations. Provide a rationale for you suggestion.

?Determine which aspects of governmental reporting provide the rationale for the emphasis on expenditures rather than full accrual expenses, as used in Generally Accepted Accounting Principles (GAAP). Provide a rationale for your determination