l. Beginning with fiscal years ending in 1984 and each and every year thereafter, all State agencies shall prepare annual financial statements on all funds administered by them no later than 60 days subsequent to the close of the fiscal year then ended in accordance with generally accepted accounting principles as described in authoritative pronouncements and interpreted and/or prescribed by the State Controller, and in such form as he may require. The State Controller shall publish guidelines specifying the procedures to implement the necessary records, procedures, and accounting systems to reflect these statements on the proper basis of accounting (G.S. 143-20.l.).
2. General Administration is on the cash basis during the fiscal year. At year end transactions are entered to the FRS and the North Carolina Accounting System (NCAS) to prepare financial statements on an accrual basis.