1. Explain the nature and purpose of fund.
2. Distinguish between current fund and noncurrent fund.
3. How do we account for sinking fund?
4. How do we determine the annual contribution to the sinking fund?
5. How do we account for other noncurrent fund such as preference share redemption fund, plant expansion fund, contingency fund, and insurance fund?
6. How do we account for cash surrender value of life insurance policy?