JAMB Commerce 2014 Objective — Question 30
Question 30 of 50 from the Joint Admissions and Matriculation Board (JAMB) Commerce 2014 Objective paper, with the correct answer and a full explanation.
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The net profit is the excess of gross profit and sources of income over all the expenses. This implies that net profit is
- A. the difference between gross profit and trade expensesCorrect
- B. the difference between gross profit and net sales
- C. sales less cost of sales including sales returns
- D. opening stock add purchase less closing stock
Explanation
Net profit is the excess of gross profit over trade expenses.
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