FUND Definition

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FUND is a pool of money normally set apart for a purpose, for example, a pension fund to provide pensions.

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CONTINGENCY is an existing condition involving uncertainty as to possible gain (gain contingency) or loss (loss contingency) that will be resolved by future events. Estimates, such as the useful life of an asset, are not contingencies. Eventual expiration of the asset's utility is not uncertain.

ONE-OFF is a happening that occurs only once and is not repeated, e.g. a one-off sale is a sales event that will occur only once.

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