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WAEC Financial Accounting 2000 Question 25

Question 25

Incomplete Records

Profit expressed as a fraction of the selling price is known as

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

Answer: B (margin)

Explanation

Margin is profit as a fraction of selling price; mark-up is based on cost.