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WAEC Financial Accounting 1994 Question 35

Question 35

Incomplete Records

Profit expressed as a proportion of cost price is known as

  1. A.gross profit
  2. B.profit mark-up
  3. C.profit margin
  4. D.profit percentage
  5. E.profit ratio.
Show the answer and explanation

Answer: B (profit mark-up)

Explanation

Mark-up is profit on cost; margin is profit on selling price.