A fund is
A)A separate legal entity.
B)A separate fiscal and accounting entity.
C)A separate self-balancing set of accounts for inventory purposes.
D)None of the above.

Question

Quizplus · Accepted Answer

A fund is a separate fiscal and accounting entity. It is established to carry out specific activities or to attain certain objectives, and its financial resources are accounted for separately from other funds or entities. The other options (A and C) may not fully capture the nature of a fund.

A Fund Is