BECE Business Studies 2024 Objective — Question 56

Question 56 of 120 from the Basic Education Certificate Examination (Junior WAEC) (BECE) Business Studies 2024 Objective paper, with the correct answer and a full explanation.

Trading Account: Opening stock 9,000; Add purchases 21,000 = 30,000; Less closing stock 6,000; Sales 60,000. The amount of gross profit is ______

A. ₦45,000
B. ₦36,000Correct
C. ₦27,000
D. ₦21,000
E. ₦15,000

Explanation

Cost of goods sold = 30,000 - 6,000 = 24,000. Gross profit = 60,000 - 24,000 = ₦36,000.

Sign up free to unlock

Score tracking
Practice history
Saved questions
Progress dashboard
Personalized sessions
Weak-topic breakdown

…and/or go further with premium services and No Ads.

Create free account

More questions from Business Studies 2024 Objective More Business Studies past papers