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WAEC Commerce 1992 Question 35

Question 35

Business Calculations

The difference between cost and selling prices gives

  1. A.trading account
  2. B.net profit/loss
  3. C.gross profit or loss
  4. D.appropriation
  5. E.balance sheet
Show the answer and explanation

Answer: C (gross profit or loss)

Explanation

Sales minus the cost of goods sold gives gross profit (or gross loss).