Montana Economic Development Board, Department of Commerce : Financial Audit for the Fiscal Year Ended June 30, 1987 1987

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10 MONTANA ECONOMIC DEVELOPMENT BOARD NOTES TO THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 1987 I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Basis of Accounting The Montana Economic Development Board (MEDB) uses the accrual basis of accounting. Under the accrual basis of accounting, expenses are recorded when incurred and revenues are recorded when earned.
The financial statements are prepared from the Statewide Budgeting and Accounting System (SBAS) with adjustments, and in
...formation contained in the bond trustee statements. The statements include the financial activity administered by the Montana Economic Development Board in the Enterprise and Non-Expendable Trust Funds of the MEDB. Accordingly, these financial statements are not intended to fairly present the financial position, results of operations, or changes in financial position of the state of Montana.
b. Presentation of Funds and Programs Contained Therein The MEDB uses two types of funds, the Enterprise and Non- Expendable Trust.


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