From the Congressional Glossary – Including Legislative and Budget Terms
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.)
Agency activities are financed through general funds, special funds, and revolving funds (public enterprise revolving funds, intragovernmental revolving funds, credit financing accounts), which constitute the Federal funds group, and trust funds and trust revolving funds, which constitute the trust funds group. General, special, and trust fund collections and disbursements may be held temporarily in clearing accounts pending clearance to the applicable account. Agencies account for amounts that are not Government funds in deposit funds. For characteristics and more in-depth discussion of different fund types, see OMB Circular A-11, Section 20.12 (44-page PDF) – OMB
Fund Accounting | Fund Balance | Elements of Governmental Financial Statements | CPA Exam FAR
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