JAMB Accounting 2008 Objective — Question 15
Question 15 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2008 Objective paper, with the correct answer and a full explanation.
Advertisement
Use the information below to answer questions 15 and 16: Trading account (Extract) Opening stock 19,500; Add purchases 68,700, 8,8200; Less closing stock ?; Cost of goods sold ?; Gross profit c/d ?; Sales 96,000. The gross profit margin is 20%. What is the gross profit?
- A. 88 200
- B. 76 800
- C. 19,200Correct
- D. 12,900
Explanation
Gross profit = 20% x N96,000 = N19,200.
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.