The Statement of Operations and Changes in Net Position for the consolidated report of the federal government is prepared on the accrual basis of accounting.

Question

Quizplus · Accepted Answer

The Statement of Operations and Changes in Net Position for the consolidated report of the federal government is indeed prepared on the accrual basis of accounting, which means that it includes revenue and expenses when they are earned or incurred, regardless of when the cash is received or paid out. This provides a more accurate picture of the government's financial performance and position.

The Statement of Operations and Changes in Net Position for the Consolidated