O-LevelAccountingThe fundamentals of accounting7707/12 · May/June 2024 · Q271 Mark
Which statements about the accumulated fund of a society are correct? 1. A surplus will increase the accumulated fund and a deficit will reduce it. 2. It includes all monies received and paid during the year. 3. Members cannot make drawings from the accumulated fund. 4. The accumulated fund is shown as an asset in the statement of financial position.
A1, 2 and 4
B1 and 3
C2, 3 and 4
D3 only
✓ Correct answer
B: 1 and 3
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