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WAEC Accounting 2017 Objective — Question 22

Question 22 of 50 from the West African Examinations Council (WAEC) Accounting 2017 Objective paper, with the correct answer and a full explanation.

22. The excess of the market value of goods produced over the cost of production is

A. A. profit on manufacturingCorrect
B. B. net profit
C. C. goodwill
D. D. gross profit

Explanation

Manufacturing profit = Market value of goods produced - Cost of goods produced.

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