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WAEC Financial Accounting 2021 Question 44

Question 44

Accounting Concepts and Conventions

Provision is made in the accounts when the amount involved in the anticipated loss is

  1. A.too much
  2. B.not significant.
  3. C.not certain
  4. D.well known.
Show the answer and explanation

Answer: C (not certain)

Explanation

A provision covers a likely loss whose exact amount is uncertain.