This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: (Discussion problem on fund accounting) Discuss the nature and purpose of fund accounting. ... (Read 320 times)

RRMR

  • Hero Member
  • *****
  • Posts: 557
on: Jul 5, 2018
(Discussion problem on fund accounting)
 
  Discuss the nature and purpose of fund accounting.
 
  What will be an ideal response?

Question 2

______________________________ are older systems that may exist in an organization when a newer system, such as an ERP, is installed.
 Fill in the blank(s) with correct word


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

peter

  • Sr. Member
  • ****
  • Posts: 330
Reply #1 on: Jul 5, 2018
Answer to Question 1

Fund accounting is the practice under which an organization segregates its assets, liabilities, and net position into separate accounting entities, called funds, based on legal restrictions, donor-imposed restrictions, or other regulations. Each fund has a set of self-balancing accounts that records the unique assets of that fund and the claims against those assets. Separate financial statements may be prepared for each fund. The purpose of fund accounting is to help ensure that resources are expended only for their authorized purposes and in compliance with applicable restrictions.

Answer to Question 2

Legacy systems


RRMR

  • Member
  • Posts: 557
Reply 2 on: Jul 5, 2018
Thanks for the timely response, appreciate it

at

  • Member
  • Posts: 359
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

About 100 new prescription or over-the-counter drugs come into the U.S. market every year.

Did you know?

Only one in 10 cancer deaths is caused by the primary tumor. The vast majority of cancer mortality is caused by cells breaking away from the main tumor and metastasizing to other parts of the body, such as the brain, bones, or liver.

Did you know?

Adults are resistant to the bacterium that causes Botulism. These bacteria thrive in honey – therefore, honey should never be given to infants since their immune systems are not yet resistant.

Did you know?

About one in five American adults and teenagers have had a genital herpes infection—and most of them don't know it. People with genital herpes have at least twice the risk of becoming infected with HIV if exposed to it than those people who do not have genital herpes.

Did you know?

Drug abusers experience the following scenario: The pleasure given by their drug (or drugs) of choice is so strong that it is difficult to eradicate even after years of staying away from the substances involved. Certain triggers may cause a drug abuser to relapse. Research shows that long-term drug abuse results in significant changes in brain function that persist long after an individual stops using drugs. It is most important to realize that the same is true of not just illegal substances but alcohol and tobacco as well.

Piaget’s Three-Mountain Problem Piaget’s Three-Mountain Problem
Apply light tapotement on the head. Tapping lightly with the fingertips works well for this purpose. Apply light tapotement on the head. Tapping lightly with the fingertips works well for this purpose.
Problem Solving: Aha! Moments Problem Solving: Aha! Moments
Problem Problem
Markets and Institutions Market Story Problem Markets and Institutions Market Story Problem
Math Problem Math Problem
Video: Hydrogen bonds vs. Ionic bond

For a complete list of videos, visit our video library