Final answer:
Federal agencies must provide a Statement of Net Position for programs like Medicare to show long-term viability, and government budgets reflect income and spending, which can change with policy decisions and unexpected events. The correct option is a.
Step-by-step explanation:
Federal agencies administering programs such as Medicare are required to provide a Statement of Net Position that projects income and benefit payments so that users can evaluate the long-term viability of the program. The revenues generated by tax dollars, fees for public services and licenses, and other sources are utilized by various levels of government, which have budgets indicating expected income and planned expenditures. These budgets can be subject to change due to policy decisions and unforeseen events that can disrupt previous tax and spending plans.
Federal agencies administering programs such as Medicare are required to provide a Statement that projects income and benefit payments so that users can evaluate the long-term viability of the program. This statement is known as Comprehensive Income. Comprehensive Income is a financial statement that includes all changes in equity during a period, except those resulting from investments made by the owners and distributions to the owners. It provides a comprehensive view of the financial performance of an organization.