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Fund Accounting

The principal mechanism used by public agencies (including school districts) to indicate how monetary resources will be translated into educational practice is the budget. William T. Hartman says that the budget defines the planned expenditures and anticipated revenues of a school district along with information relating the fiscal elements to the educational philosophy, programs, and needs of the district. Once the budget has been developed and approved, it is important to account for all revenues and expenditures so that school district managers can be held accountable for using the resources in the manner planned. School districts—like other government agencies—use what is commonly called fund accounting to track revenues and expenditures. A fund is a self-balancing set of accounts related to a common topic. This entry ...

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