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i <br /> TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO COMBINED FINANCIAL STATEMENTS <br /> JUNE 30, 1982 <br /> 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br /> (A) Basis of Accounting <br /> I � <br /> Accounting policies and reporting practices for <br /> Massachusetts ' municipalities are prescribed by I ' <br /> the Uniform Municipal Accounting System issued <br /> by the Commonwealth of Massachusetts' Department i <br /> of Revenue. General governmental revenues and <br /> expenditures accounted for in the General Fund <br /> are controlled by a budgetary accounting system. <br /> (B) Fund Accounting <br /> Financial transactions <br /> of the Town are recorded f . <br /> in the following funds or groups of accountsi <br /> . 1 ; <br /> (1) General Fund <br /> The General Fund reflects the financial <br /> transactions related to general governmental <br /> I <br /> activities which are not otherwise accounted <br /> for in another fund. Real estate and personal <br /> property taxes are recorded as assets on the <br /> accrual basis; other General Fund revenue, such <br /> i <br /> as motor vehicle excise taxes and departmental <br /> revenues, are recorded as assets in the General <br /> Fund, but are fully reserved until collected. l <br /> Expenditures for budgetary accounts, special <br /> appropriations and grants are recorded when I �� <br /> paid. Included within the General Fund are <br /> overlay surplus, appropriated and unappropriated <br /> fund balances. However, the Town provides for <br /> commitments made out of the current year budget <br /> Y 9 <br /> by setting aside funds and including them in <br /> the appropriated balance- <br /> a) <br /> alance.a) Inventories - Purchases of supplies are <br /> recorded as expenditures of budgeted <br /> i <br /> appropriations at the time the purchases <br /> are made. �! Q <br /> 12 <br /> RLES E.DIPESA&CO..BOSTON,MASS.(617)423-3555 <br />