The left-hand column of the following table describes each of seven financial statements that the FASAB recommends agencies prepare. The right-hand column indicates the names of the seven statements. Match the description in the left-hand column with the correct title in the right-handcolumn.

Transcribed Image Text:

a. Summarizes all entity transactions o her 1. Statement of than those, such as earned revenues and budgetary expenses, reported in the statement of rsources net cost; explains how the entity financed its net costs; includes amounts received from appropriations, dedicated borrowings, and other financing sources. b. Shows the resources collected and 2. Statement of custodial activities disbursed; required only of entities, such as the Internal Revenue Service and Customs that collect funds to be turned over to the Treasury or other organizations c. Shows the entity's assets, liahilities, 3. Statement of financing and net position, including fund balance with the Treasury d. In essence an operating statement; 4. Statement of shows operating costs and reve- nues. changes in net position e. Reconciles the statement of 5. Statement of budgetary resources to the statement of net cost. net costS f. Prepared on a budget basis; shows 6. Balance sheet am ount available for appropriations, cash outlays and newly incurred obligations g. Required only of selected agencies, 7. Statement of Social Insurance presents actuarial data various entitlement programs