Understanding fund accounting - Fund fundamentals
3 important questions on Understanding fund accounting - Fund fundamentals
Fund accounting, or more correctly fund financial statements, are not the primary reporting tool for governments.
Rather, fund financial statements are one of the two methods used by GASBS 34 to present a government’s financial position and results of operations. What is the second method?
Fund financial statements.
What kind of basis of accounting is used to fund financial statements? As the foundation for reporting various types of assets and liabilities?
- Modified accrual basis of accounting. For governmental funds.
- The accrual basis of accounting. For proprietary funds.
Fund accounting for governments was developed in response to the need for governments to be fully accountable for their collection and use of public resources. What is a fund?
A separate accounting and financial reporting entity for an activity or category of activities. > "Self-balancing" set of accounts.
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