What is a fund? Distinguish between a fund and an appropriation of retained earnings.
Explain fund and difference between a fund and an appropriation of retained earnings.
A fund involves keeping aside cash or other assets in order to achieve specific goals of the company. Because of some contract or other legal arrangements some of the assets become unavailable for carrying out daily activities of the business. A fund may be current or long-term that may be used for purchase of long-term assets or to repay long-term debts...
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