Exam Content
A financial specialist oversees fiscal management for the government or security agency. He or she performs audits and maintains compliance.
Imagine you are a financial specialist in a state or local government criminal justice agency. 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.
Summarize each accounting method, including the advantages and disadvantages of each method.
Identify which accounting method you recommend the agency should implement—cash-basis, accrual, or modified accrual—and a detailed explanation of why you selected that method.
Explain how your chosen accounting method aligns with fiscal management strategies.
Cite at least 2 outside references to support your assignment.
