Author Question: The net position of the U.S. government isnot: A. The net assets of the federal government. B. ... (Read 95 times)

Pineapplelove6 · **on:** Jul 5, 2018

The net position of the U.S. government isnot:

A. The net assets of the federal government.
B. Equal to the difference between the assets and liabilities of the federal government.
C. Comprised of cumulative results of operations and unexpended appropriations.
D. Available for expenditure.

Question 2

The cash basis of accounting records revenues and expenses when the cash is exchanged while the accrual basis of accounting
a. records revenues when they are earned and expenses when they are paid
b. records revenues and expenses when they are incurred
c. records revenues when cash is received and expenses when they are incurred
d. records revenues and expenses when the company needs to apply for a loan