Montana Arts Council Financial-Compliance Audit for the Two Fiscal Years Ended .. 1997
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In our eReader you can find the full English version of the book. Read Montana Arts Council Financial-Compliance Audit for the Two Fiscal Years Ended .. 1997 Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book Montana Arts Council Financial-Compliance Audit for the Two Fiscal Years Ended .. 1997
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B. Obtain approval for an interim indirect cost rate and record indirect cost recoveries.
Fund Balances in the Federal Special Revenue Fund Special accounts exist within the Special Revenue Fund to account for federal grant activity. If transactions are accounted for correctly, ending fund balances of federal accounts should generally be zero.
During fiscal year 1996 the council moved miscellaneous federal grants to a new account. While moving the activity, personnel made errors in some account...ing entries which affected fund balances.
Personnel attempted to fix the errors, but did not fix them appropriately. At the end of fiscal year 1996 one account had a fund balance of $29,376, while two others had negative fund balances of $27,946 and $130.
In fiscal year 1997, personnel tried to fix the problem again. When correcting the error they incorrectly used Deferred Revenue rather Page 12 Findings and Recommendations than Cash. This resulted in overstatements/understatements in one accounting entity and corresponding understatements/overstatements in another accounting entity.
What to read after Montana Arts Council Financial-Compliance Audit for the Two Fiscal Years Ended .. 1997?
You can find similar books in the "Read Also" column, or choose other free books by Montana. Legislature. Legislative Audit Division to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
B. Obtain approval for an interim indirect cost rate and record indirect cost recoveries.
Fund Balances in the Federal Special Revenue Fund Special accounts exist within the Special Revenue Fund to account for federal grant activity. If transactions are accounted for correctly, ending fund balances of federal accounts should generally be zero.
During fiscal year 1996 the council moved miscellaneous federal grants to a new account. While moving the activity, personnel made errors in some account...ing entries which affected fund balances.
Personnel attempted to fix the errors, but did not fix them appropriately. At the end of fiscal year 1996 one account had a fund balance of $29,376, while two others had negative fund balances of $27,946 and $130.
In fiscal year 1997, personnel tried to fix the problem again. When correcting the error they incorrectly used Deferred Revenue rather Page 12 Findings and Recommendations than Cash. This resulted in overstatements/understatements in one accounting entity and corresponding understatements/overstatements in another accounting entity.
What to read after Montana Arts Council Financial-Compliance Audit for the Two Fiscal Years Ended .. 1997?
You can find similar books in the "Read Also" column, or choose other free books by Montana. Legislature. Legislative Audit Division to read onlineMoreLess
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