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CBSE Class 12-commerce Answered

What is meant by fund based accounting
Asked by azeemkhnas905 | 07 Dec, 2018, 10:18: PM
answered-by-expert Expert Answer
Fund is the anount received or set aside by a NPO for some specific purpose. The fund amount along with the income earned on the fund cannot be used for pupose other than those for which it is received or set aside. The amount so set aside is credited to spearate fund account that is shown on liabilities side of the balance sheet, All the expenses or payments out of these funds are debited to the fund. The complete accounting that is done is called as "Fund Based Accounting".
Answered by | 10 Dec, 2018, 11:38: AM

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