Department of Labor And Industry Financial-Compliance Audit for the Two Fiscal Years Ended June 30,... 1992
The book Department of Labor And Industry Financial-Compliance Audit for the Two Fiscal Years Ended June 30,... 1992 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,... 1992 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,... 1992 a good or bad book?
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Department personnel record the allocations paid by the pro- grams for central operations in the Internal Service Fund. We noted the department accounting records showed $403,393 in deferred revenue in the Internal Service Fund at June 30, 1992 which should be recorded as fund balance. According to generally accepted accounting principles, revenue should be deferred if receipts exceed the amount earned prior to the end of the fiscal year. Since the department bases the payments to the Internal ...Service Fund on a cost allocation plan, the payments received by the Internal Service Fund should be recognized as revenue even if the payments exceed the expenses of the Internal Service Fund. The department has deferred the excess of cost allocation payments over central operations costs over several years. Department officials attributed the growing balance in the Internal Service Fund to a defect in the current cost allocation plan. Officials said the current plan addresses imbalances incurred through an adjustment in the following year; however, the plan did not base the adjustment on the difference between Page 15 Findings and Recommendations the amounts paid and expended for central operations.
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