Federal Financial Statements

This Federal Financial Statements assignment relates to the balance sheet at 9/30/2014 and the Statements of Operations and Changes in Net Position for the Years Ended September 30, 2014. Please watch the video at the link below and look at the financial statements to which you find the link at the same web address. Also look at the budget for 2016 and choose a department to examine. Focus on pages 45 and 48 of the Fiscal Year 2014 Financial Report and the discussion in the video.


1. What was the largest asset on the balance sheet of the federal government?
2. What were some valuable assets that were not on the balance sheet?
3. What were the two largest liabilities on the balance sheet of the federal government?
4. What were the two largest liabilities not on the balance sheet? To whom were they owed?
5. Approximately what would the amount of net position (deficit) have been if those liabilities were included?
6. How does the federal budget relate to the federal financial statements?
7. What was the largest source of revenue for the federal government? What percentage of total revenue does that represent?
8. Which two departments had the highest net cost in 2014? What percentage to the total net cost for all departments was sum of the cost for those two departments?

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1. What was the largest asset on the balance sheet of the federal government? On page 48, loans receivable of $1,123.5 billion is the largest asset of the federal government.
2. What were some valuable assets that were not on the balance sheet? On page 38, Stewardship Land and Heritage Assets and the government’s power to tax and set monetary policy are listed...