Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 1 - No. 22)
In the statement of financial position, the accumulated fund is:
Assets less liabilities.
The total value of all the society's assets.
The accumulated surplus.
The amount of money owed to members.
Explanation
In the statement of financial position, the accumulated fund is the assets less liabilities and the accumulated surplus.
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