An amount set aside out of profit for a specific purpose is a
Reserve
Liability
Provision
Discount
Correct answer is A
No explanation has been provided for this answer.
The concept the enables a business to determine the actual profit or loss for a particular period is
accrual concept
business entity concept
consistency concept
going concern concept
Correct answer is A
No explanation has been provided for this answer.
Manufacturing account is prepared to determine the
cost of goods sold
cost of goods produced
profit on goods produced
value of work-in-progress
Correct answer is B
No explanation has been provided for this answer.
Comparable
Consistent
Relevant
Reliable
Correct answer is A
No explanation has been provided for this answer.
Members of a not-for-profit making organization
earn dividend on their contributions
do not receive surplus at the end of the year
are paid interest on their contributions
share profits according to their contributions
Correct answer is B
No explanation has been provided for this answer.