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Examination of Pennsylvania Avenue Development Corporation Financial Statements

Examination of Pennsylvania Avenue Development Corporation Financial Statements
Author: United States Accounting Office (GAO)
Publisher: Createspace Independent Publishing Platform
Total Pages: 28
Release: 2018-06-14
Genre:
ISBN: 9781721177387

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Examination of Pennsylvania Avenue Development Corporation Financial Statements


Auditing and Financial Management

Auditing and Financial Management
Author: U S Government Accountability Office (G
Publisher: BiblioGov
Total Pages: 28
Release: 2013-07
Genre:
ISBN: 9781289247010

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GAO examined the financial statements of the Pennsylvania Avenue Development Corporation for the year ended September 30, 1983. GAO noted a disparity between the current financial statements and the Corporation's 1983 annual report. In its annual report, the Corporation overstated its net income by $8 million because it recognized appropriations as revenue when received instead of recognizing them as revenue only as they were expended. GAO found that the financial statements presented fairly the financial position of the Corporation and the results of its operations and the changes in its financial position for the year then ended, in conformity with generally accepted accounting principles applied on a consistent basis.