Advisory Council for Vocational Education : Report On Examination of Financial Statements .. 1981

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For example, one council member resigned in September 1981 and another in October 1981 - the two categories will be unrepre- sented until July 1982.
RECOMMENDATION #1 A. WE RECOMMEND THE COUNCIL SUBMIT REQUIRED REPORTS ON A TIMELY BASIS.
B. WE RECOMMEND THE SUPERINTENDENT OF PUBLIC INSTRUCTION APPOINT REPLACEMENT COUNCIL MEMBERS ON A TIMELY BASIS.
ACCRUALS AND DEFERRALS OF REVENUE The advisory council utilizes the modified accrual basis of accounting. Under the modified accrual basis of account
...ing, revenues are recorded when received in cash unless susceptible to accrual or deferral.
Revenues are susceptible to accrual if they are measurable and available to finance expenditures of the fiscal period or are not received at the normal time of receipt. Revenues are deferred if material and received before the "normal" time of receipt, or if received for a particular activity and the expense for the activity has not been incurred prior to fiscal year-end.
The advisory council recorded revenue when received in cash and did not adjust SBAS at year-end for accruals or deferrals.


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