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Which of the following is true regarding the Balance Sheet of a federal agency? Multiple Choice The difference between assets and liabilities is termed Net

Which of the following is true regarding the Balance Sheet of a federal agency?

Multiple Choice

The difference between assets and liabilities is termed "Net Assets".

Assets are measured on the modified accrual basis.

Assets are separated between current and noncurrent.

The balance sheet is prepared using the economic resource measurement focus and accrual accounting.

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