question archive Fund accounting is an important feature for governmental accounting
Subject:AccountingPrice: Bought3
Fund accounting is an important feature for governmental accounting. A fund refers to an accounting entity with a self-balancing set of accounts for recording assets, liabilities, the fund balance, and changes in the fund balance. Specifically, general fund as a type of governmental funds is used to_______________.
Group of answer choices
Track resources earmarked for a specific purpose.
Designate funds which are obligated under a legal contract.
Track resources for routine ordinary activities of government.
Track resources available to pay interests and loans.