Summary

GAO examined the balance sheets of the House Recording Studio Revolving Fund and the related statements of operations and changes in financial position as of December 31, 1984 and 1985.

GAO found: (1) that the statements presented fairly the financial position of the fund, the results of its operations, and the changes in its financial position, in conformity with generally accepted accounting principles applied on a consistent basis; (2) a change in the method of determining the value of the maintenance and supply inventory, with which it concurred; and (3) that the fund was in compliance with applicable laws and regulations for transactions that could have materially affected its financial statements.