Department of Institutions. State Board of Pardons; Report On Examination of Financial Statements 1983

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Under the modified accrual basis of accounting, revenues are recorded when received in cash unless susceptible to accrual or deferral, and expenditures are recorded when a valid obligation is incurred.
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.
2. VACATION AND SICK LEAVE Upon termination qualifying employees are paid at their current pay rate for 100 percent of accumulated vacation and 25 percent of unused sick leave.
At June 30, 1983 the liability amount associated with unused accumulated vacation is $7,504; sick leave is $5,670.
3. GENERAL FIXED ASSETS The general fixed asset group of accounts includes all assets owned by the board which had an original acquisition cost in excess of $150.


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