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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ASSOCIATE, in business, is a person brought together with a company or another person into a relationship in any of various intangible ways.

CONSISTENCY PRINCIPLE requires accountants to apply the same methods and procedures from period to period. When they change a method from one period to another they must explain the change clearly on the financial statements.

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