ACC 410 Assignment 1 Financial Statement Audit Report Review

Analyzing the method of accounting used for the general fund and all other funds in existence by the government

Comprehensive Financial Report of State of Georgia for fiscal year ended June 30, 2012 are selected for reviewing financial statements and audit report

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The government-wide financial statements and the proprietary and fiduciary fund financial statements are prepared using current financial resources measurement focus and accrual basis of accounting. Under the accrual basis of accounting, revenues are recorded when earned and expenses are recorded when a liability is incurred,. Revenues are recognized they...