PDF
…The Statement 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.
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Wichita…
https://www.wichita.edu/_archive/services/controller/Accounting/_documents/afr_19.pdf