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UI Post-UTME Financial Accounting 2024 (Model questions) Question 18

Question 18

Final Accounts of a Sole Trader

Trading account is prepared to ascertain

  1. A.Gross profit
  2. B.Net profit
  3. C.Gross Profit or Gross loss
  4. D.Net profit or net loss
Show the answer and explanation

Answer: C (Gross Profit or Gross loss)

Explanation

The trading account shows gross profit or gross loss.