Department of Labor And Industry Financial-Compliance Audit for the Two Fiscal Years Ended June 30,... 1988
The book Department of Labor And Industry Financial-Compliance Audit for the Two Fiscal Years Ended June 30,... 1988 was written by author Montana. Legislature. Office of the Legislative Auditor Here you can read free online of Department of Labor And Industry Financial-Compliance Audit for the Two Fiscal Years Ended June 30,... 1988 book, rate and share your impressions in comments. If you don't know what to write, just answer the question: Why is Department of Labor And Industry Financial-Compliance Audit for the Two Fiscal Years Ended June 30,... 1988 a good or bad book?
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Allowance for Doubtful Accounts The department established an allowance for doubtful accounts for unemploy- ment insurance receivables at fiscal year-end 1986-87 as recommended in our previous audit report (CFDA #17.225). When recording the allowance, department personnel incorrectly reduced current year revenue by the total estimated bad debt at June 30, 1987. According to state accounting policy, the department should record an expenditure when establishing the allowance account. As a result ...of the method used by the department to establish the allowance, fiscal year 1986-87 revenues, expenditures and prior year expenditures were understated by $2,842,752, $287,508 and $594,637 respectively, in the Expendable Trust Fund. In addition, fiscal year 1986-87 expenditures were understated by $355,237 in the Special Revenue Fund because the allowance related to penalty and interest receivable was recorded in the wrong fund. 25 When the department wrote off uncollectible receivables in fiscal year 1987- 88, it incorrectly reduced revenue.
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