Under FAS 117, fund accounting for internal record-keeping purposes is specifically discouraged.

Question

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FAS 117 (now known as ASC 958) does not specifically discourage fund accounting for internal record-keeping purposes; it primarily focuses on the external financial reporting requirements for not-for-profit organizations, allowing them to use fund accounting internally if it aids in financial management and reporting.

Under FAS 117, Fund Accounting for Internal Record-Keeping Purposes Is