Which of the following statements is false? A fund

a$.$ is an entity for which financial statements can be prepared.

b$.$ has a self$-$encompassing, self$-$balancing accounting equation.

c$.$ is used to account for a subset of an organization$$s resources that is to be used for a specific purpose or to achieve a particular objective.

d$.$ is an accounting entity that is used for one year only. Each year a new set of funds must be established.