Imagine you are a financial specialist in the Florida Department of Law Enforcement. Your agency director has
Question:
Imagine you are a financial specialist in the Florida Department of Law Enforcement. Your agency director has received an audit report discrepancy that identified the agency was using a mixture of cash basis and accrual accounting methods. Your director wants to implement only one method and has asked you to develop a recommendation. Now you have to summarize each accounting method, cash basis, modified, and accrual accounting, while including the advantages and the disadvantages of each. You also have to identify which accounting method you recommend the Florida Department of Law Enforcement should implement, cash-basis, accrual, or modified accrual, and explain why. Also, identify at least two fiscal management strategies and explain how your chosen accounting method aligns with those fiscal management strategies.
Understanding Business Statistics
ISBN: 978-1118145258
1st edition
Authors: Stacey Jones, Tim Bergquist, Ned Freed