The Reconciliation of Net Operating Cost and Unified Budget Deficit is similar in purpose to the reconciliation of the Statement of Activities to the governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balance required by state and local governments.

Question

Quizplus · Accepted Answer

The Reconciliation of Net Operating Cost and Unified Budget Deficit reconciles the net operating result revenue or cost from the Statement of Operations and Changes in Net Position with the cash-based federal budget. As such, it is similar to the reconciliation of the Statement of activities to the governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balance required by state and local governments.