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WAEC Accounting 2017 Objective — Question 49

Question 49 of 50 from the West African Examinations Council (WAEC) Accounting 2017 Objective paper, with the correct answer and a full explanation.

49. A reserve is an amount

A. A. set aside from profit for an unknown liability
B. B. of loss from trading activities
C. C. of profit from trading activities
D. D. set aside from profit for specific purposeCorrect

Explanation

Reserve is an amount set aside for specific purpose.

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