Common use of Books; Statements Clause in Contracts

Books; Statements. The Venture shall keep, or cause to be kept, books ----------------- and accounts showing its assets and liabilities, operations, transactions and financial condition. All financial statements shall present fairly the financial position and results of the Venture and shall be prepared on an accrual basis in accordance with generally accepted accounting principles consistently applied. HCS I shall determine the methods to be used in the preparation of financial statements and federal, state and municipal income and other tax returns for the Venture in connection with all items of income and expense, including but not limited to, valuation of assets, the methods of depreciation, elections, credits and accounting procedures.

Books; Statements. The Venture shall keep, or cause to be kept, books ----------------- and accounts showing its assets and liabilities, operations, transactions and financial condition. All financial statements shall present fairly the financial position and results of the Venture and shall be prepared on an accrual basis in accordance with generally accepted accounting principles consistently applied. HCS I The Management Committee shall determine the methods to be used in the preparation of financial statements and federal, state and municipal income and other tax returns for the Venture in connection with all items of income and expense, including but not limited to, valuation of assets, the methods of depreciation, elections, credits and accounting procedures.