PENSION FUND Definition

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PENSION FUND is a fund reserved to pay workers pensions when they retire from service. Also known as SUPERANNUATION FUND.

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RECORDING PRINCIPLE of Accrual Basis of accounting is the recording of data based upon the period in which they are earned or incurred regardless of whether cash is received or disbursed in that period. The recording principle of 'Cash Basis' is the recording of data based on a cash transaction occurrence between two parties (an actual event).

CAPITAL RESERVE is a fund set aside for specific purposes, thereby cannot be distributed for other uses. See also REVENUE RESERVE.

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