Essentials of Accounting for Governmental and Not-for-Profit Organizations 10th Edition by Paul Copley, John Engstrom

Exercise 4

The 2008 financial statements of the U.S. Government are available at: http://www.gao.gov/financial/fy2008/08frusg.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 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