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…of Net Position includes all assets and liabilities using the accrual basis of accounting, which is
similar to the accounting used by most private‐sector enterprises. Under the accrual basis of accounting,
all of the current year's revenues and expenses are taken into account regardless of when cash is received
or paid.
Within the Statement of Net…
https://www.wichita.edu/_archive/services/controller/Accounting/_documents/afr_15.pdf