AGA Government Financial Manager GAFRB Question # 2 Topic 1 Discussion
GAFRB Exam Topic 1 Question 2 Discussion:
Question #: 2
Topic #: 1
The Department of Health and Human Services prepares a financial statement displaying costs of each major program as they relate to the department's outcomes and outputs. The title of this financial statement is the
The Statement of Net Cost is the principal financial statement used by federal agencies to report the total cost of their programs and activities. It aligns the agency's programs, outputs, and strategic objectives with the cost incurred to produce those outputs.
The Department of Health and Human Services, like all federal agencies, uses this statement to display costs by major program or responsibility segment.
FASAB SFFAS No. 55 – Amending the Statement of Net Cost
OMB Circular A-136 – Section on Federal Financial Statements
Answer: A. Statement of Net Cost
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