DIS4, 6, 8 Essay Example | Topics and Well Written Essays - 1250 words

DIS4, 6, 8 - Essay Example Be prepared to discuss. 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.      As per the requirement of OMB Circular A-123, we can understand the changes took places created much vulnerability in financial reporting system. This emphasized more on the term on â€Å"Internal Control† from the term â€Å"Management Control†. This may exclude many facts which should have reported earlier with obligations. In new requirements â€Å"Defines materiality for the purposes of assessing and documenting internal control over financial reporting†, this option can create loop for many important facts and figure than clearly presenting it in the financial reporting. It has created ambiguity for three different processes, they are: a) security across the government, b) improper payments and c) tax collection activities. To alleviate the internal control, the expense item I would prefer the bring in clear consideration withdrawing the category as reportable status. Clarification on money outflow has to have precisely documented while audited and clearly noted to uplift the fairness of the internal control. There are differences between government agencies and public limited companies. As the objective of report is to assess the clarification being involved in direct transactions, whereas the agencies are the external parties to report have differences in revealing the accuracy asset management revelation. DISCUSSION 2: "Expenditures" Please respond to the following: Under pressure to balance their budgets, governments at all levels have resorted to fiscal gimmicks, such as delaying the wages and salary of government em ployees 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. This expenditure would be accrual for the immediate period of time and then next year upon payment the accrual payable would be reported. This report will be more accumulate big accrual means there is irregularities of payments and the liabilities will move high showing lesser efficiency in the transaction handling. A government allowed accruing or additional fund liability and expenditure provided any financial resources or debt services for payment of liabilities that will be matu re in following year. This indicates under GASB rule is that the time provided is limited and the term early in the following year refers to a short time period –usually one to several days and not more than one month. Liabilities for compensation and claims of salary are generally expected to be liquidated by the available financial sources. If delay it should recognize as governmental fund liabilities against mature payment for each financial period. Unmatured liabilities like compensated absent do not

Wk 11 (2nd Discussion) Article Example | Topics and Well Written Essays - 500 words

Wk 11 (2nd Discussion) - Article Example is really about questioning the authenticity of something regarded as fact, and this perspective should be adapted and not disregarded if one aspires to grow in truthful information.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   One way to interact with information is by delving deeper into its research basis. If a claim is made, one should ask, â€Å"What scientific research supports such claims?† (Pope, 1998). If none can be provided, then this claim can be dismissed as mere hearsay, or looking at it as a challenge, is a statement which can fuel a research study to be conducted to determine whether it is true or not. If a research study is provided as a support though, then it is but proper and fitting to scrutinize the instruments and methods utilized in gathering and analyzing data. For example, if s survey questionnaire was given out by a psychologist to the respondents, validity of the tool should first be established to ensure that the questions will not bring about bias to the study or it should undergo face and content validation by experts in the field first to ensure that the questions are not leading towards specific results. This should be done since the anomalie s may be rooted foremost in the methodology, which also paved way for erroneous conclusions.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Now, the aforementioned approach can be likened to the scrutiny of the branches of a plant. Another way to determine the accuracy of information is to examine closely vague and ambiguous terms. Repressed memories of sexual abuse during childhood have been studied by many, but the definition of repressed memories has been haphazardly used by in media, literature and in legal proceedings. A gray area has clouded the vivid demarcation of whether repressed memories are figments of the unconscious defense mechanisms or whether it is a scheme of forgetting (Pope, 1998). Defining terms and allotting which definition is described in which study can provide a much clearer way of assimilating information, and a way to determine