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TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO FINANCIAL STATEMENTS <br /> Year Ended June 30, 1984 <br /> i <br /> I <br /> Note 1 . Summary of Significant Accounting Policies <br /> The accompanying combined financial statements present the financial <br /> position of the Town of Mashpee, Massachusetts, at June 30, 1984, and the <br /> results of its operations for the year then ended. <br /> The Town maintains its accounting records in accordance with practices I ' <br /> prescribed by the Uniform Municipal Accounting System (Uniform System) <br /> promulgated by the Commonwealth of Massachusetts, Department of Revenue. <br /> The accounting requirements of this system differ in some respects from <br /> accounting practices prescribed by generally accepted accounting principles. <br /> Certain adjustments and reclassifications have been made to present the <br /> accompanying financial statements in accordance with generally accepted <br /> accounting principles except for two principal differences. These <br /> differences relate to the accounting for fixed assets and pension costs as <br /> described hereinafter. The following is a summary of significant accounting ( ' <br /> policies reflected in the accompanying financial statements. <br /> Description of Funds - Financial transactions of the Town are classified in <br /> the following funds for combined financial statement presentation: <br /> General Fund is used to account for all transactions not <br /> accounted for in other funds. <br /> Special Revenue Funds are used to account for proceeds <br /> of specific revenue sources restricted by law or <br /> administrative action for specified purposes (other than <br /> those sources related to major special projects, special <br /> assessments or trusts) . <br /> Capital Projects Fund is used to account for financial ll <br /> resources, consisting generally of debt proceeds and <br /> grants, segregated for the acquisition of capital assets <br /> or completion of major special projects. <br /> Long-Term Debt Accounts are used to account for all <br /> long-term debt of the Town to be repaid in future years. <br /> Trust and Agency Funds are used to account for the <br /> Town's stabilization and unemployment compensation funds <br /> and assets held by the Town as trustee or agent for <br /> individuals, private organizations, other governmental <br /> units and/or other funds. <br /> ki <br /> f <br /> 4 <br /> I <br />