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WAEC Financial Accounting 2019 Question 15

Question 15

Incomplete Records

The mark-up on a product is 2/3. The margin is

  1. A.3/5.
  2. B.2/5.
  3. C.1/3.
  4. D.2/9.
Show the answer and explanation

Answer: B (2/5.)

Explanation

Cost 3, profit 2, sales 5: margin = 2/5.