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What is “Fund Based Accounting” under not-for-profit organisations?

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Question added by Abdul Khalique , Finance Manager , Value Real Estate & Construction
Date Posted: 2016/03/13
Frank Mwansa
by Frank Mwansa , ACCOUNTING LECTURER , FREELANCER

Fund accounting is an accounting system emphasizing accountability rather than profitability, used by not for profit organisations and governments..

 In this system, a fund is self- balancing set of accounts, segregated for for specific purposes in accordance with laws and regulations or special restrictions and limitations.

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