The federal reserve implemented this monetary policy tool in 2008 that is “intended to eliminate effectively the implicit tax that reserve requirements used to impose on depository institutions.”

Which of the following characteristics are emphasized in the accounting for state and local government entities? i. revenues should be matched with expenditures to measure success or failure of the government entity. ii. there is an emphasis on expendability of resources to accomplish objectives. a. i only b. ii only c. i and ii d. neither i nor ii