JAMB Accounting 2017 Objective — Question 8

Question 8 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2017 Objective paper, with the correct answer and a full explanation.

When stock withdrawn for personal use is taken care of in the trading account, it will _____ profit

A. A. increaseCorrect
B. B. decrease
C. C. overstate
D. D. understate

Explanation

When goods withdrawn for personal use are removed from the cost of goods available for sale, it will increase the profit shown.

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