Which of the following statements appearing in the federal government consolidat

Question

Which of the following statements appearing in the federal government consolidated financial reports are prepared on the accrual basis of accounting?
A). Statement of cash flow
B). Statement of operations and changes in net position
C). Both statement of cash flow in statement of operations and changes in net position
D). None of the above Which of the following statements appearing in the federal government consolidated financial reports are prepared on the accrual basis of accounting?
A). Statement of cash flow
B). Statement of operations and changes in net position
C). Both statement of cash flow in statement of operations and changes in net position
D). None of the above
A). Statement of cash flow
B). Statement of operations and changes in net position
C). Both statement of cash flow in statement of operations and changes in net position
D). None of the above

Explanation / Answer

B.Statement of operations and changes in net position.

In the federal government consolidated financial reports the statement of operations and changes in net positon are reported on accrual basis.

Statment of cashflow is not reported on accrual basis.(so A , C are incorrect options).

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