The Difference Between Assets and Liabilities of a Federal Agency

question 14

True/False

The difference between assets and liabilities of a federal agency is comprised of Cumulative Results of Operations and Unexpended Appropriations.

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Definitions:

New Firms

Businesses that have been recently established, entering the market to offer goods or services.

Existing Firms

Businesses that are currently operational and have been established in the market for a period of time.

Profit

The financial gain obtained when the revenue from business activities exceeds the expenses, costs, and taxes involved in sustaining the activity.

Long Run

A period during which all factors of production and costs are variable, allowing all inputs to be adjusted.