Current through Register Vol. 54, No. 25, June 22, 2024
Section 149.33 - Adjusting and closing the books(a) At the close of each annual accounting period, adjustments for accruals, deferrals, and so on shall be recorded on worksheets and the books in accordance with standard accounting practice. The supporting documents and calculations for these adjustments shall be retained for use by the auditors.(b) There is no requirement to close service centers into productive centers "on the books." However, they shall be allocated on the annual "Milk Dealers' Financial Statements" in accordance with the instructions and schedules included in the blank forms. No service centers shall be reported individually on the annual "Statement of Operations."(c) In the event the Board requests a partial year "Statement of Operations" from selected licensees for price-hearing purposes, partial-year adjusting entries for accruals, deferrals, and so on may be accomplished on work sheets which shall be retained for use by the auditors.