Define and describe the purpose of fund accounting

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Problem 1: Explain the double-entry accounting system and the duality concept. How are they related?

Problem 2: The HC method, which uses unadjusted historical costs, does not take into account depreciation expenses, purchasing power, and unrealized gains in replacement value. Despite these weaknesses as a financial reporting method, the HC method is used more frequently for accounting purposes than other methods, such as the HC-GPL, CV, and CV-GPL methods. Why is this so?

Problem 3: Define and describe the purpose of fund accounting (now called net assets).

Reference no: EM132766967

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