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Posted: October 24th, 2022
Week Five: Identifying Allowable Deductions
Week 5: Identifying Allowable Deductions
IDENTIFYING ALLOWABLE DEDUCTIONS
Half A:
The U.S. Workplace of Administration and Finances (OMB) offers steering on the allowability of prices underneath federal grand agreements in Uniform Administrative Necessities, Value Rules, and Audit Necessities for Federal Awards. The next is an inventory of prices being thought of for reimbursement underneath a federal grant:
1. Unhealthy money owed
2. Prices of contributions and donations
three. Recruiting prices
Four. Worth Added Tax (VAT) charged for the acquisition of products or providers that a non-federal entity is legally required to pay to a overseas nation
5. Publication prices for digital print media, together with distribution, promotion, and common dealing with
6. Affordable and mandatory bills incurred for safety to guard services, personnel, and work merchandise
7. Worker dependent care prices
eight. Alcoholic drinks bought to host a overseas dignitary
Required:
For every of the prices listed, point out with an A (allowable) if the price is all the time allowable underneath OMB steering, an N (non-allowable) if the price isn’t allowable underneath OMB steering, and an M (could also be allowable) if the price is allowable underneath specified circumstances. For any prices marked with an M, clarify the circumstance mandatory for the price to be allowable. Additionally, subsequent to A, N, or M embrace the part variety of the Uniform Administrative Necessities, Value Rules, and Audit Necessities for Federal Awards that’s related to the actual price for every merchandise. For every of the listed prices, write an A (allowable) if the price is all the time allowable underneath OMB tips, a N (non-allowable) if the price isn’t allowable underneath OMB tips, and a M (could also be allowable) if the price is allowable underneath sure circumstances. For any prices which have a M subsequent to them, clarify what must occur for that price to be allowed. Additionally, subsequent to A, N, or M, write the part quantity from the Uniform Administrative Necessities, Value Rules, and Audit Necessities for Federal Awards that corresponds to the price of every merchandise.
Half B:
1. Customary audit studies for each company and authorities entities embrace sections addressing each administration and auditor tasks. Along with the administration and auditor tasks sections, what two distinctive sections would a authorities audit report comprise, if relevant? What’s the function of every of those sections?
2. You accomplished a managerial accounting class final semester and discovered about budgeting ideas. How do authorities budgeting ideas differ from these utilized in a company setting? Clarify.
Required:
• Submit your responses to Components A and B in a Four-page Microsoft Phrase doc.
Necessities: Four pages, double spaced
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