WAEC Accounting 2013 Objective — Question 22
Question 22 of 50 from the West African Examinations Council (WAEC) Accounting 2013 Objective paper, with the correct answer and a full explanation.
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Which of the following is determined in the Trading Account?
- A. Factory overheads
- B. Cost of goods soldCorrect
- C. Prime cost
- D. Net profit
Explanation
In the trading account, gross profit is determined by deducting sales from cost of goods sold.
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