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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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What is a fund? Distinguish between a fund and an appropriation of retained earnings.

To determine

Explain fund and difference between a fund and an appropriation of retained earnings.

Explanation

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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