JAMB Accounting 2011 Objective — Question 23

Question 23 of 49 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2011 Objective paper, with the correct answer and a full explanation.

[Same information as above] Calculate the net profit.

A. A. #1,620
B. B. #1,920
C. C. #1,420Correct
D. D. #2,120

Explanation

Gross profit = #2,120. Expenses: Rent #200 + Depreciation on vehicle (10% x #5,000 = #500) = #700. Net profit = #2,120 - #700 = #1,420.

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 Accounting 2011 Objective More Accounting past papers