An amount set aside out of profit for a specific purpose is a? By: Sunday|Published on: Apr 7|Categories: Accounting WAEC| 0 comments A. reserve B. liability C. provision D. discount Correct Answer: Option A – reserve Users Also Read These:The amount to be charged to the profit and loss account is?What amount is to be credited to the profit and loss…Interest on drawings is 5%, interest on capital is…The business organization established mainly for the…The total amount of money set aside for a particular…SEE ALSO Rent owing as at 31st December 1998, N800. Rent paid up to 31st December 1998, N1,700. Rent owing as at 1st January 1998, N500. Rent charged to the profit and loss account for the year 1998 is?