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.
1 )
1, 2 and 4
1 and 3
3 )
2, 3 and 4
4 )
3 only
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