What is meant by 'Fund based Accounting?
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Fund accounting is an accounting system for recording resources whose use has been limited by the donor, grant authority, governing agency, or other individuals or organisations or by law. It refers to the accounting whereby receipts and incomes relating to a particular fund is credited to that particular fund and payments and expenses are debited to it. It emphasizes accountability rather than profitability, and is used by Nonprofit organizations and by government.
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