FUND ACCOUNTING Definition

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FUND ACCOUNTING is a method of accounting and presentation whereby assets and liabilities are grouped according to the purpose for which they are to be used. Generally used by government entities and not-for-profits.

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FICA (FEDERAL INSURANCE CONTRIBUTIONS ACT) is the U.S. law requiring U.S. employers to match the amount of Social Security tax deducted from an employees paycheck.

ONLINE is access to a computer for immediate processing without having to wait for a batch of transactions to be processed at a later time.

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