Chapter 17, Problem 15.7EP

Which of the following is a correct mathematical relationship among proprietary account balances?

1. a.      Net Position equals Total Assets minus Total Liabilities.
2. b.      Fund Balance with Treasury equals Unexpended Appropriations.
3. c.       Cumulative Results of Operations equals Revenues and Financing Sources minus Operating/Program Expenses.
4. d.      Disbursements in Transit equals Fund Balance with Treasury minus Accounts Payable and Other Current Liabilities.