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WAEC Financial Accounting 2023 Question 50

Question 50

Company Accounts

Which of the following is found in the profit and loss account of a company?

  1. A.Proceeds from issue of shares
  2. B.Proposed dividend
  3. C.Directors' remuneration
  4. D.Transfer to general reserves
Show the answer and explanation

Answer: C (Directors' remuneration)

Explanation

Directors' remuneration is an expense charged before net profit; dividends and reserve transfers are appropriations of that profit.