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WAEC Commerce 1993 Question 64

Question 64

Business Calculations

Net Profit is the

  1. A.excess of income over expenses
  2. B.total income from the sale of goods
  3. C.difference between sales and purchases
  4. D.amount of purchase less closing stock
  5. E.excess of total sales over total purchases
Show the answer and explanation

Answer: A (excess of income over expenses)

Explanation

Net profit is what is left after all expenses are taken from income.