GCE Accounting 2022 Objective — Question 25
Question 25 of 50 from the General Certificate of Education (GCE) Accounting 2022 Objective paper, with the correct answer and a full explanation.
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Sales GH¢200,000; Purchases GH¢170,000; Opening stock GH¢40,000; Closing stock GH¢50,000. The gross profit percentage is
- A. 25%
- B. 20%Correct
- C. 15%
- D. 10%
Explanation
Cost of Sales = 40,000+170,000-50,000=160,000. Gross Profit = 200,000-160,000=40,000. GP% = 40,000/200,000 x100 = 20%.
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