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Author : United States. General Accounting Office
Release : 1980
Genre : Arms transfers
Kind : eBook
Book Rating : /5 ( reviews)
Book Synopsis Correct Balance of Defense's Foreign Military Sales Trust Fund Unknown by : United States. General Accounting Office
Download or read book Correct Balance of Defense's Foreign Military Sales Trust Fund Unknown written by United States. General Accounting Office. This book was released on 1980. Available in PDF, EPUB and Kindle. Book excerpt:
Author : United States Accounting Office (GAO)
Release : 2018-08-20
Genre :
Kind : eBook
Book Rating : 405/5 ( reviews)
Book Synopsis Correct Balance of Defense's Foreign Military Sales Trust Fund Unknown by : United States Accounting Office (GAO)
Download or read book Correct Balance of Defense's Foreign Military Sales Trust Fund Unknown written by United States Accounting Office (GAO). This book was released on 2018-08-20. Available in PDF, EPUB and Kindle. Book excerpt: Correct Balance of Defense's Foreign Military Sales Trust Fund Unknown
Author : GENERAL ACCOUNTING OFFICE WASHINGTON DC FINANCIAL AND GENERAL MANAGEMENT STUDIES DIV.
Release : 1980
Genre :
Kind : eBook
Book Rating : /5 ( reviews)
Book Synopsis Correct Balance of Defense's Foreign Military Sales Trust Fund Unknown by : GENERAL ACCOUNTING OFFICE WASHINGTON DC FINANCIAL AND GENERAL MANAGEMENT STUDIES DIV.
Download or read book Correct Balance of Defense's Foreign Military Sales Trust Fund Unknown written by GENERAL ACCOUNTING OFFICE WASHINGTON DC FINANCIAL AND GENERAL MANAGEMENT STUDIES DIV.. This book was released on 1980. Available in PDF, EPUB and Kindle. Book excerpt: The Department of Defense does not have adequate control over foreign military sales accounting. As a result, it could not provide foreign governments with an accurate accounting for their funds deposited in trust accounts. Also, Defense could not determine the amount of money available for purchases of military goods and services by these countries. By comparing September 30, 1979, balances, GAO found that cash balances on trust fund records differed from balances on detailed sales case accounting records for all foreign military sales customers. In total, trust fund accounts differed by $1.5 billion from the detailed records of sales cases. This problem has continued because Defense has not made a concerted effort to determine why trust fund account balances did not agree with detailed accounting records. This report examines the reasons for these differences, recommends corrective action that can be taken quickly and reiterates the need for Defense to centralize accounting and disbursing functions. (Author).
Author : United States. General Accounting Office
Release : 1980
Genre : Arms transfers
Kind : eBook
Book Rating : /5 ( reviews)
Book Synopsis Correct Balance of Defense's Foreign Military Sales Trust Fund Unknown by : United States. General Accounting Office
Download or read book Correct Balance of Defense's Foreign Military Sales Trust Fund Unknown written by United States. General Accounting Office. This book was released on 1980. Available in PDF, EPUB and Kindle. Book excerpt:
Author : United States. General Accounting Office
Release : 1978
Genre :
Kind : eBook
Book Rating : /5 ( reviews)
Book Synopsis Correct Balance of Navy's Foreign Military Sales Trust Fund Unknown by : United States. General Accounting Office
Download or read book Correct Balance of Navy's Foreign Military Sales Trust Fund Unknown written by United States. General Accounting Office. This book was released on 1978. Available in PDF, EPUB and Kindle. Book excerpt: The Navy's foreign military sales (FMS) trust fund account is used to hold and account for cash collected from foreign countries until it is disbursed. The Department of the Treasury maintains trust fund records, but balances on those records result from data reported to it by the services. Cash collections and disbursements are accounted for in detailed sales case accounting records which are maintained by the Defense Department's Security Assistance Accounting Center. The Center is also responsible for managing the trust fund. Problems in the Navy's accounting and reporting of FMS disbursements and collections were disclosed when the sales case accounting records were transferred to the Center. The Navy was directed to reconcile the cash balance on the trust fund records with the cash balance shown on official detailed sales case accounting records. Despite more than a year's effort involving thousands of staffdays, the Navy has not been able to reconcile these balances. As a result, the correct amount of cash being held for foreign countries is not known. Some of the adjustments made by the Navy were in error or were not adequately supported. Differences between the Treasury trust fund and sales case accounting records have continued to increase, and, at June 1, 1978, totaled $554 million. Under the Navy's current system, there will continue to be a significant amount of transactions in-float at any time, and, therefore, there will continue to be differences in the balances.
