Because a fund is an accounting entity,each fund has
I.its own accounting equation.
II.its own journals,ledgers,and other accounting records.
III.its own separate auditor.
A)I only
B)II only
C)I and II
D)I,II and III

Question

Quizplus · Accepted Answer

A fund is an independent accounting entity with its own set of financial transactions, resources, and limitations. As a result, each fund has its own accounting equation and accounting records in the form of journals and ledgers. However, it does not necessarily have its own separate auditor, as it may be audited as part of a larger entity's audit.

Because a Fund Is an Accounting Entity,each Fund Has