Homework discussion questions

FratBro23
Category:
Business & Finance
Price: $5 USD

Question description

Discussion:  Need to answer with no more than 6 lines each.
  • From the first e-Activity, note that the GAO could not issue an opinion on the financial statements of the US government. Evaluate how this could occur considering the requirements of OMB Circular A-123.

  • What steps would you take to alleviate the internal control problems? Differentiate between the requirements for internal controls in government agencies and those in public companies. 

  • Under pressure to balance their budgets, governments at all levels have resorted to fiscal gimmicks, such as delaying the wages and salary of government employees from the last day of the month to the first day of the following month. In the year of the change, they thereby had one fewer period to pay. 

    • Determine how such a change would affect the reported expenditures of a governmental fund under GAAP. Provide specific examples to support your response.
    • Evaluate the impact of GASB Interpretation No.6, Recognition and Measurement of Certain Liabilities and Expenditures in Governmental Fund Financial Statements on the accrual and payment of the salaries.

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(Top Tutor) Daniel C.
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