Question

what is fund based accounting ?

Answer 1

Explanation:

Fund-based accounting, or fund accounting, is a system used by nonprofit organizations and government agencies to manage their money.

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Answer 2

Answer: Basically a fund is created( tournament fund) and this is on the liabilities side of the balance sheet and all the income related to the fund are added and the expense are subtracted. In case the expense is greater than the income the difference is moved to the profit and loss account

Explanation: