Aplant asset was purchased on january 1 for $100,000 with an estimated salvage value of $20,000 at the end of its useful life. the current year's depreciation expense is $10,000 calculated on the straight-line basis and the balance of the accumulated depreciation account at the end of the year is $50,000. the remaining useful life of the plant asset is

Which of the following statements is true regarding the definition of a fund? a fund is a fiscal entity which is designed to provide reporting that demonstrates conformance with finance-related legal and contractual provisions separately from gaap reporting. a fund exists to assist in carrying on activities and attaining objectives where there are no specific rules or restrictions. a fund is an accounting entity which is designed to enable reporting in conformity with gaap without being restricted by legal or contractual provisions. a fund is a mechanism developed to provide accounting for revenues and expenditures that are subject to certain restrictions separate from revenues and expenditures that are not subject to restrictions.