A government-wide financial statement that reports the net (expense) revenue of its individual functions. An objective of using the net (expense) revenue format is to report the relative financial burden of each of the reporting government's functions on its taxpayers.
This statement can also be known as the Income Statement and it depicts the changes in assets over the past year. The statement of activities includes how much money the organization earned (revenue) and subtracts how much the organization spent (expenses), resulting in how much money was made (profits) or money was lost (deficits) or net assets. Charges are reported for each of the three classes of net assets unrestricted, temporarily restricted, and permanently restricted.
This is the income and expense statement itemizing all income and expenses for the chapter.