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What are the key financial statement items in government financial statements under GASB?

Government financial statements use different terms than what you would see in financial statements for companies that follow U.S. GAAP. The key financial statement terms under GASB are assets, liabilities, outflow of resources, inflow of resources, deferred outflow of resources, deferred inflow of resources, and net position.

Explanations for each item is below:

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