NECO Book Keeping 2015 Objective — Question 4
Question 4 of 40 from the National Examinations Council (NECO) Book Keeping 2015 Objective paper, with the correct answer and a full explanation.
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Profit and loss account is prepared to ascertain
- A. cost of goods sold
- B. gross profit or gross loss
- C. cost of goods available for sale
- D. net profit or net lossCorrect
Explanation
The primary purpose of a profit and loss account is to determine the net profit or net loss of a business over a specific period.
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