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) A & B are optional and not required
D) Both A & B are required

Question

Quizplus · Accepted Answer

Two conditions must be met for a fund to exist. First, there must be a fiscal entity; assets set aside for specific purposes and second, there must be a double-entry accounting entity created to account for the fiscal entity.

In Order for a Fund to Exist, There Must Be