House Office Equipment Service Schedules for Fiscal Year 1986
AFMD-87-27: Published: Jun 23, 1987. Publicly Released: Jun 23, 1987.
- Full Report:
In response to a congressional request, GAO examined the schedule of purchased equipment accounts and the schedule of revenues and costs prepared from records the House Office Equipment Service and the House Finance Office maintained for the fiscal year ended June 30, 1986.
GAO noted that: (1) the House Finance Office maintained House Office Equipment Service records on a cash basis and, as a result, revenues and cost were respectively recognized when received and paid, rather than when revenues were earned or when the costs were incurred; and (2) the schedules were not intended to present results of operations in conformity with generally accepted accounting principles. GAO found that the schedules fairly presented the purchased equipment accounts and revenues and costs of the House Office Equipment Service for the year ended June 30, 1986, on the cash basis of accounting, which was applied in a manner consistent with that of the preceding fiscal year.