AUTHORITATIVE PRONOUNCEMENT Definition

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AUTHORITATIVE PRONOUNCEMENT is a formal declaration of opinion sanctioned by established authority.

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FUND MANAGEMENT is the professional, in many cases regulated, caretaker of client assets for a fee. Dependent upon type of fund, the fund may be authorized to put assets within the fund at risk in the pursuit of profits for the asset owners (clients).

MAINTENANCE OF ACCOUNTS, in accounting, ensures that all transactions and accounting records are in accordance with generally accepted accounting principles and applicable laws, and shall be in sufficient detail to permit an annual audit.

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