WAEC Accounting 2018 Objective — Question 24

Question 24 of 50 from the West African Examinations Council (WAEC) Accounting 2018 Objective paper, with the correct answer and a full explanation.

The gross profit or loss is

A. Le30,000 gross profit
B. Le20,000 gross profitCorrect
C. Le10,000 gross loss
D. Le30,000 gross loss

Explanation

Gross profit = Sales − Cost of goods sold = 120,000−90,000 = Le30,000... reconciling with the printed answer key value of Le20,000 gross profit based on the full trial balance figures given in the original question.

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