State and Local Government

Fund Accounting Systems - Governmental accounting systems should be organized and operated on a fund basis. A fund is defined as a fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances, and changes therein, which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions or limitations. The …showed first 75 words of 1211 total…

…showed last 75 words of 1211 total…the governmental unit, or to other governmental units, on a cost-reimbursement basis. Fiduciary Funds: 1.<Tab/>Trust and Agency Funds - to account for assets held by a governmental unit in a trustee capacity or as an agent for individuals, private organizations, other governmental units and/or other funds. These include (a) Expendable Trust Funds, (b) Nonexpendable Trust Funds, (c) Pension Trust Funds and (d) Investment Trust Funds, and (e) Agency Funds.