The 2008 financial statements of the U.S. Government are available at: www.gao.gov/financial/fy2008/08frusg.pdf. Use these to answer the
Question:
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?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Financial Statements of the US Government Statement of Net Costs 1 the three largest government unit...View the full answer
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Related Book For 
Essentials of Accounting for Governmental and Not-for-Profit Organizations
ISBN: 978-0073527055
10th Edition
Authors: Paul A. Copley
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