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JAMB Accounting 2014 Objective — Question 22

Question 22 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2014 Objective paper, with the correct answer and a full explanation.

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The excess of sales over cost of goods sold is

  • A. gross sales
  • B. gross profitCorrect
  • C. net profit
  • D. net sales

Explanation

Gross profit = Sales − cost of goods sold.

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