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DCCtJNENT V!SUME
0372'; - [B2994245]
rThe National Aeronautics and Space Administration's System of
Accounting for Accounts Receivable]. FGHSD-77-89; B-159687.
October 21, 1977, 4 pp.
Report to Robert A. Trosch, Administrator, National Aeronautics
and Space Administration; by D. L. Scantlebury, Director,
Financial and General Management Studies Div.
Issue Area: Accounting and Financial Reporting (2800).
Contact: Financial and General Management Studies Div.
Budget Function: Miscellaneous: Financial Management and
Information Systems (1002); General Science, Space, and
Technology: Space Science, Applications, ard Technology
(254).
Congressional Relevance: Huse Committee on Science and
Technology; Senate Committee on Comerce, Science, and
Transportation.
A review of the National Aeronautics and Space
Administration's (NASA) system of accounting for accounts
receivable, including related billing and collection procedures,
indicated that NASA was prcmptly ccllecting amounts due from
other Federal agencies and the public under an accounting system
approved h7 the Comptroller General in June 1969.
Findings/Conclusions: Internal accounting procedures did not
assure, however, that accounts receivable were accurately
recorded and reported. Specifically, the S267'.2 million balance
of accounts receivable reported to the Department of the
Treasury on September 30, 1976, was incorrect because: NASA had
already collected about $200.6million of the recordsd and
reported accounts receivable; about $13.3 million of accounts
receivable from the public was improperly classified as accounts
receivable from Federal agencies; and about $14.7 aia.ion of
accounts receivable mar neither recorded nor reporte . The
$200.6 million overstatement occurred because, although
collections were timely, internal billings were not prepared and
processed promptly. The materiality cf the amount of deposit
funds and accounts receivable involved precluded a fair
presentation of NASA's financial rcndition. Recommendations:
The Administrator of NASA should direct tiie Comptroller to
assure that interna'l billings are promptly prepared and
processed to show accurate receivable balances in accounting
system records and reports. (Author/SV)](ViewImageLocal?handle=hein.gao/gaobaawbp0001&div=1&collection=&method=preview&ext=.png&size=3)