Which of the following statements is true regarding fund accounting for not-for-profit organizations (NFPs)?
A. Fund accounting for internal and external reporting purposes has been replaced by FASB with the two classes of net assets (without donor restrictions, and net investment in restricted assets).
B. Fund accounting is not allowed.
C. Fund accounting can be used by NFPs for external purposes, but not internal purposes.
D. Fund accounting can provide a good mechanism for facilitating reporting to donors.
Answer: D
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