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Domain · Technical Depth

Explain how governmental fund accounting under GASB differs from the accrual accounting a corporation uses — why do governments track separate funds and use a modified accrual basis, and what does that mean for reading a CAFR?

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Governments account by fund because the money is legally restricted — a government isn't one profit-seeking entity, it's a collection of separate fiscal and accounting pots, each d…

The full answer: structure, worked example, likely follow-up.

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