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The policies and procedures for processing prepaid expenses in an agency setting. The objectives include ensuring consistent accounting treatment, establishing expense incurrence, and recording expenses as they are incurred. The document also discusses background information, authority, business risks, and specific policies and procedures for recording and adjusting prepaid expenses.
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Financial Management and Reporting
Agency policies and procedures for processing of prepaid expenses are designed to:
Prepaid expenses are included as assets based on the concept of matching expenses with revenues. Expenses are recognized when consumed, this will increase the usefulness of the financial statements by giving a more realistic portrayal of the division’s operations.
These agency policies and procedures supplement the MAPS Operations Manual Policy and Procedures 0803-01, paragraph S , Payment Requests, Preparation and Approval.
Issue Date: September 21, 1999 Policy Number: FMR-4B- Revised Date: Page: 2 of 2