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6/30/1999
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6/30/1999
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Last modified
11/28/2016 3:39:14 PM
Creation date
11/17/2016 3:49:50 PM
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Mashpee_Meeting Documents
Board
FISCAL AUDITS
Meeting Date
06/30/1999
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1 <br /> 1 Town of Mashpee, Massachusetts <br /> 1 Notes to General Purpose Financial Statements <br /> 1 1. Summary of Significant Accounting Policies <br /> 1 The accounting policies of the Town of Mashpee (the Town) conform to <br /> generally accepted accounting principles (GAAP) as applicable to govern- <br /> mental units, except as indicated in Note 2. The following is a summary of <br /> 1 the more significant policies: <br /> A. Reporting Entity <br /> 1 The government is a municipal corporation governed by an elected Board <br /> 1 of Selectmen. As required by generally accepted accounting principles, <br /> these financial statements present the government and applicable com- <br /> ponent units for which the government is considered to be financially <br /> 1 accountable. In fiscal year 1999, it was determined that no entities met <br /> the required GASB-14 criteria of component units. <br /> 1 B. Basis of Presentation - Fund Accounting <br /> For reporting purposes, the financial activities of the Town are accounted <br /> 1 for through the use of several funds and account groups. Each fund is a <br /> separate accounting entity with self-balancing accounts. The following <br /> types of funds and account groups are used by the Town: <br /> Governmental Fund Types <br /> 1 Governmental funds are those through which most governmental func- <br /> tions of the Town are financed. The acquisition, use, and balances of the <br /> Town's expendable financial resources and the related liabilities (except <br /> 1 those accounted for in fiduciary funds) are accounted for through govern- <br /> mental funds. The measurement focus is based upon determination of <br /> 1 changes in financial position, rather than upon net income determination. <br /> The following are the Town's governmental fund types: <br /> 1 General Fund - To account for all financial activities of the Town, except <br /> those required to be accounted for in another fund. Most revenues and <br /> expenditures of a general governmental nature are accounted <br /> 1 for in this fund. <br /> 1 <br /> 6 <br /> 1 <br />
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