Which of the following is accurate regarding a federal agency's Statement of Net Costs?
A. Both the statements "Costs are reported within the broad categories of current, capital, and debt service" and "It is similar in presentation to the GASB government-wide Statement of Activities in that earned revenues are subtracted from costs to determine the net cost of government services" are accurate.
B. Neither the statement "Costs are reported within the broad categories of current, capital, and debt service" nor "It is similar in presentation to the GASB government-wide Statement of Activities in that earned revenues are subtracted from costs to determine the net cost of government services" is accurate.
C. It is similar in presentation to the GASB government-wide Statement of Activities in that earned revenues are subtracted from costs to determine the net cost of government services.
D. Costs are reported within the broad categories of current, capital, and debt service.
Answer: C
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