Question

Fund means amount received or set aside by a Not-for-Profit Organisation for a specific
purpose. Fund amount along with the income earned on the fund cannot be used for purposes
other than those for which it is received or set aside.
Donations received or funds set aside for specific purposes are credited to a separate Fund
Account and are shown in the liabilities side of the Balance Sheet. Incomes from these funds are
credited to the respective Fund Account and expenses or payments out of these funds are debited.
Accounting when done on this basis is known as Fund Based Accounting.
Graonication thus maintains a senarate Bank Account for each fund, donations
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Answer 1

Answer:

Fund means amount received or set aside by a Not-for-Profit Organisation for a specific purpose. Fund amount along with the income earned on the fund cannot be used for purposes. ... Accounting when done on this basis is known as Fund Based Accounting.

Explanation:

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