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What is fund based accounting

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What is fund based accounting

Posted by Lalit Mudgil 7 years ago

CBSE > Class 12 > Accountancy

1 answers

Angela Malhotra 7 years ago

Donations received or funds set aside for specific purposes are credited to the separate fund account and are shown on the liability side of the balance sheet.the incomes from or donation for these funds are credited to the respective fund account.on the other hand expenses or payment out of these funds are debites. Accounting when done on this basis is called fund based accounting

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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