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Essentials of Accounting for Governmental and Not-for-Profit Organizations 12th Edition by Paul Copley
Edition 12ISBN: 978-0078025815Essentials of Accounting for Governmental and Not-for-Profit Organizations 12th Edition by Paul Copley
Edition 12ISBN: 978-0078025815 Exercise 4
The 2012 financial statements of the U.S. government are available at: http://www.fms.treas.gov/fr/12frusg/12stmt.pdf. Use these to answer the following questions:
a. Statement of Net Costs
1. What are the three largest government units based on net cost
2. Which government department operates at the largest net profit
b. Statement of Operations and Changes in Net Position
3. What are the two largest sources of outside revenue to the federal government
4. Which item on this statement articulates (agrees) with the Statement of Net Costs
c. Balance Sheet
5. What are the two largest liabilities reported on a balance sheet
6. Which item on this statement articulates with the Statement of Operations and Changes in Net Position
a. Statement of Net Costs
1. What are the three largest government units based on net cost
2. Which government department operates at the largest net profit
b. Statement of Operations and Changes in Net Position
3. What are the two largest sources of outside revenue to the federal government
4. Which item on this statement articulates (agrees) with the Statement of Net Costs
c. Balance Sheet
5. What are the two largest liabilities reported on a balance sheet
6. Which item on this statement articulates with the Statement of Operations and Changes in Net Position
Explanation
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Verified
Net cost of government is the cost of go...
Essentials of Accounting for Governmental and Not-for-Profit Organizations 12th Edition by Paul Copley
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