Knowledge Check – Fund Accounting
Select the appropriate response to complete the statement and then, select the Submit button.
1. The key objective of fund accounting is to match the uses of funds according to the funds that contributed to a project or activity.
True
False
2. Fund accounting must account for all funds, 100% of all project activities, even if not fully funded by HUD or other federal sources.
True
False
3. Both 2 CFR 200 §200.302 and 24 CFR Part 85.20 require control and accounting for all funds, property and other assets funded by HUD g
True
False
4. Stacey, a caseworker with a range of client households. Stacey’s agency receives HUD assistance for serving some households while the services for the others are funded from other sources. Stacey should maintain records that separate time spent on HUD-funded vs. non-HUD-funded clients.
True
False