NECO Commerce 2023 Objective — Question 11
Question 11 of 50 from the National Examinations Council (NECO) Commerce 2023 Objective paper, with the correct answer and a full explanation.
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The excess of total assets over total liabilities of a business is known as (a) working capital (b) gross profit (c) net worth (d) net income
- A. working capital
- B. gross profit
- C. net worthCorrect
- D. net income
Explanation
Net worth (owner's equity) is calculated by subtracting total liabilities from total assets.
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