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b) Basis of Accounting <br /> The 1967 Water Revenue Bonds are accounted for using the <br /> accrual basis of accounting. Revenues are recognized when <br /> earned and expenditures are recorded when liabilities are <br /> incurred. Unbilled water charges at year end are accrued <br /> and treated as revenue in the year the service is rendered. <br /> <br />c) Capital Additions and Long-Term Liabilities <br /> Depreciation of all exhaustible capital additions is <br /> provided for, and is charged as an expense against current <br /> operations. Accumulated depreciation is reported on the <br /> balance sheet with the related cost of the capital <br /> additions. Depreciation is provided for on the straight <br /> line basis over the estimated useful lives of the assets. <br /> <br />d) Investments <br /> Investments are stated at cost or amortized cost, which <br /> approximates market. <br /> <br /> Table 1 shows Balance Sheet data of the 1967 Water Revenue <br /> Bonds Enterprise Fund for the years ending June 30, 1985 and <br /> June 30, 1986. <br /> <br /> Table 2 shows Statement of Revenues, Expenses and Charges <br />in Retained Earnings of the 1967 Water Revenue Bonds Enterprise <br />Fund for the years ending June 30, 1984 through June 30, 1986'. <br /> <br /> 24 <br /> <br /> <br />