Which of the following groups of not-for-profit entities must use fund accounting to be in conformity with GAAP?

Question

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Governmental entities are required to use fund accounting to ensure and demonstrate compliance with finance-related legal and contractual provisions. Nongovernmental not-for-profit entities, however, are not required by GAAP to use fund accounting, although they may choose to do so for internal purposes.

Which of the Following Groups of Not-For-Profit Entities Must Use