Examination of the Panama Canal Commission's Fiscal Year 1980 Financial Statements and Treaty-related Issues: Report to the Congress |
Common terms and phrases
accepted accounting principles accompanying notes accounting policy accounting system appropriated fund agency Army Canal Commission Fund CANAL COMMISSION Statement Canal lock Canal Zone Government capital factor capital funds casualty losses charge to expense Claims for damage Commission's Comptroller Congress costs and savings costs incurred current liabilities damages to vessels Department of Defense deposit depreciation employees of predecessor ended September 30 established financial statements fiscal year 1980 former employees Government of Panama identified Inconsistency in accounting interest-bearing lock overhauls marine accidents non-Defense agencies non-interest-bearing October operating funds Panama Canal Act Panama Canal Commission Panama Canal Company Panama Canal Treaty Panama Note PCC/CZG plant and equipment predecessor agencies Price-Level principles and standards Property transferred public service payments reporting requirement Republic of Panama reserve Retirement benefits SCHEDULE tolls Total Treaty of 1977 Treaty-related costs U.S. departments U.S. Government agencies U.S. Southern Command U.S. Treasury United Unobligated valuation allowances
Popular passages
Page 17 - ... be held accountable for and required to make good to the United States the amount of any illegal, improper, or incorrect payment resulting from any false, inaccurate, or misleading certificate made by him...
Page 37 - Tolls shall be prescribed at a rate or rates calculated to cover, as nearly as practicable, all costs of maintaining and operating the Panama Canal...
Page 41 - In the event Canal operating revenues in any year do not produce a surplus sufficient to cover this payment, the unpaid balance shall be paid from operating surpluses in future years in a manner to be mutually agreed.
Page 51 - He are responsible for the fair presentation in the financial statements of financial position, results of operations, and changes in financial position in conformity with generally accepted accounting principles.
Page 10 - III and paragraph 4 (a) and (b) of Article XIII of the Panama Canal Treaty of 1977, and capital for plant replacement, expansion, and improvements. Tolls shall not be prescribed at rates calculated to produce revenues sufficient to cover payments to the Republic of Panama pursuant to paragraph 4(c) of Article XIII of...
Page 16 - GAS, local revenues and funds of others administered under grant agreements. 4. Obligation Accounting. The primary purposes of accounting for obligations are to prevent the incurring of obligations or the making of expenditures which would create deficiencies in appropriations and funds, and to assist in bringing about the most effective and economical use of appropriations and funds. The GAS accounting system is designed to provide the information that is necessary to accomplish these requirements...
Page 5 - II— Accounting Policies and Audits ACCOUNTING POLICIES SEC. 1311. (a) The Commission shall establish and maintain its accounts pursuant to the Accounting and Auditing Act of 1950 (31 USC 65 et seq.) and the provisions of this chapter. Such accounts shall specify all revenues received by the Commission, including tolls for the use of the Panama Canal, expenditures for capital replacement, expansion, and improvement, and all costs of maintenance and operation of the Panama Canal and of its complementary...
Page 39 - September 30, 1990 and 1989, to offset the cost of defense facilities and suspended construction projects, the latter being principally the partial construction of a third set of locks abandoned in the early part of World War II.
Page 37 - When the Treaty terminates on December 31, 1999, all of the assets of the Panama Canal Commission will have been transferred to the Government of Panama based upon the prescriptions of the Treaty and the Act. The effects of these long range requirements are not considered in the financial -'•itements.