The federal agency balance sheet and statement of net cost are prepared on the full accrual basis of accounting.

Question

Quizplus · Accepted Answer

The federal agency balance sheet and statement of net cost are indeed prepared on the full accrual basis of accounting, which means they recognize economic events regardless of when cash transactions occur. This approach provides a more accurate picture of an agency's financial status and the cost of its operations.

The Federal Agency Balance Sheet and Statement of Net Cost