Cyclopedia of Congressional Budget Law

Fund Accounting

GAO Glossary of Terms and Definition (September 2005)

Fund Accounting

Commonly used to refer to the administrative system of funds control that each agency establishes to ensure compliance with federal fiscal laws. The statutory basis for fund accounting is found primarily in the requirement of the Antideficiency Act that the head of each agency prescribe, by regulation, a system of funds control (31 U.S.C. § 1514(a)). (See also Antideficiency Act.)

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