A fund is an accounting but not a fiscal entity.

Name: A fund is an accounting but not a fiscal entity.
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Each fund has its own chart of accounts, general journal, general ledger from which trial balances and financial statements are prepared so it is considered an accounting entity. However, funds are also fiscal entities since they have inflows and outflows of resources, a balance of resources, and liabilities that will be settled with fund resources.

A Fund Is an Accounting but Not a Fiscal Entity