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The purpose of this chapter is to define and provide
a basic understanding of financial reporting in
government. Financial reporting is largely an
effort to assess financial performance, that is, how
well or how poorly the government performed with money
entrusted to it. Financial reporting is considered a
part of governmental accountability. Exactly how
financial reporting is done depends in part on the model selected. As noted two major models are
considered in the text. In addition, many types of financial reports can be generated but a
considerable amount of attention is given to the quantitative financial statements, which are
one type of report, but usually the major report.
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