WAEC Accounting 2016 Objective — Question 16
Question 16 of 50 from the West African Examinations Council (WAEC) Accounting 2016 Objective paper, with the correct answer and a full explanation.
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The excess of cost of goods sold over net sales is Use the following information to answer questions 17 and 18 Rent prepaid 1/01/2014: N600; Rent paid 31/12/2014: N3,000; Rent prepaid 31/12/2014: N400
- A. gross profit
- B. gross lossCorrect
- C. net profit
- D. net loss
Explanation
Gross loss occurs when cost of goods sold is greater than the net sales.
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