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<br /> <br />Government vs. Business <br /> <br />. There is more emphasis on <br />- The budget <br />- Legal compliance <br />- Efficiency and effectiveness measures other than <br />net income <br /> <br /> <br />Overview of Basic Fin ncial <br />Statements <br /> <br />. Private and Public Business Entities <br />- Balance Sheet <br />- Income Statement <br />- Statement of Cash Flows <br /> <br /> <br />Overview of Basic Fin ncial <br />Statements <br /> <br />. Government-wide Statements <br />- Statement of Net Assets <br />. Similar 10 business balance sheet <br />- Statement of Activities <br />. Similar to business income statement <br />. Fund Financial Statements <br />- Detailed reports of governmental, proprietary, and <br />fiduciary activities <br /> <br />3 <br />