The Statement of Changes in Net Position of a federal agency presents the same information as a Statement of Cash Flows for a state or local government.

Question

Quizplus · Accepted Answer

The Statement of Changes in Net Position for a federal agency is similar to an Income Statement or Statement of Activities for a state or local government, as it presents information on revenues, expenses, gains, losses, and changes in net position over a period of time. The Statement of Cash Flows, on the other hand, is a separate financial statement that shows the sources and uses of cash and cash equivalents during a period.

The Statement of Changes in Net Position of a Federal