WAEC Accounting 2021 Objective — Question 35
Question 35 of 50 from the West African Examinations Council (WAEC) Accounting 2021 Objective paper, with the correct answer and a full explanation.
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An amount set aside out of profit for a specific purpose is a
- A. reserveCorrect
- B. liability
- C. provision
- D. discount
Explanation
A reserve is part of profit that is not distributed; it is set aside for some specific purpose.
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