GCE Accounting 2022 Objective — Question 14
Question 14 of 50 from the General Certificate of Education (GCE) Accounting 2022 Objective paper, with the correct answer and a full explanation.
Advertisement
A trader bought goods worth N16,000 and sold three-quarters of it for N20,000. The gross profit is
- A. N12,000
- B. N8,000Correct
- C. N6,000
- D. N4,000
Explanation
Cost of goods sold = 3/4 x 16,000 = N12,000. Gross profit = Sales - COGS = 20,000 - 12,000 = N8,000.
Advertisement
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.