JAMB Accounting 2021 Objective — Question 5
Question 5 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2021 Objective paper, with the correct answer and a full explanation.
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5. The difference between trading account and profit and loss account is later used to determine a. Net profit b. Gross profit c. Net book value d. Total sales
- A. Net profit
- B. Gross profitCorrect
- C. Net book value
- D. Total sales
Explanation
The trading account is used to determine gross profit/loss, while the profit and loss account is used to determine net profit/loss.
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