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WAEC Financial Accounting 2004 Question 41

Question 41

Incomplete Records

A business operates on a mark-up of 25%. If cost of goods sold is N800,000. What is the profit?

  1. A.N360,000
  2. B.N200,000
  3. C.N160,000
  4. D.N40,000
Show the answer and explanation

Answer: B (N200,000)

Explanation

25% × 800,000 = N200,000.