Fund Accounting
/ˈfʌnd əˈkaʊntɪŋ/
Definitions
- (n.) An accounting system emphasizing accountability for resources by segregating financial activities into funds, often used by governments, nonprofits, and fiduciaries.
Municipalities use fund accounting to ensure public funds are used per statutory requirements.
Forms
- fund accounting
Related terms
See also
Commentary
Fund accounting is particularly important in legal contexts involving public funds and fiduciary responsibilities, ensuring compliance with restrictions and transparency.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.