In order for a fund to exist,there must be:
A) A fiscal entity; assets set aside for a specific purpose
B) A double-entry accounting entity
C) Both A & B are required
D) A & B are optional and not required

Question

Quizplus · Accepted Answer

Both A and B are required for a fund to exist. A fiscal entity is needed to provide the legal structure for the fund, while a double-entry accounting entity is necessary to track and report on the financial activity of the fund. Without both of these components, a fund cannot exist.

In Order for a Fund to Exist,there Must Be