The 2012 financial statements of the U.S. government are available at: www.fms.tieas.gov/fr/12frusg/12stmt.pdf. Use these to answer the

Question:

The 2012 financial statements of the U.S. government are available at:

www.fms.tieas.gov/fr/12frusg/12stmt.pdf. Use these to answer the following questions:

a. Statement of Net Costs

What are the three largest government units based on net cost'.'

b. Statement of Operations and Changes in Net Position

What are the two largest sources of outside revenue to the federal government?

c. Balance Sheet

What are the two largest liabilities reported on a balance sheet?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...