In governmental accounting,a fund is best defined as:
A)a sum of cash set aside to attain certain objectives
B)a fiscal entity that has both financial and capital resources
C)a fiscal entity that has cash resources only
D)a fiscal and accounting entity with a self-balancing set of accounts

Question

Quizplus · Accepted Answer

In governmental accounting, a fund is defined as a fiscal and accounting entity with a self-balancing set of accounts. This means that each fund has its own accounting records and financial statements separate from other funds, and the debits and credits must balance within each fund. Funds can be established for specific purposes or activities, such as capital projects or debt service, and are used to track and control the financial resources and transactions related to those purposes.

In Governmental Accounting,a Fund Is Best Defined As