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WAEC Financial Accounting 2025 Question 24

Question 24

Final Accounts of a Sole Trader

Gross profit is computed as

  1. A.cost of sales plus net profit
  2. B.cost of sales less net profit
  3. C.sales less cost of sales
  4. D.cost of sales plus sales
Show the answer and explanation

Answer: C (sales less cost of sales)

Explanation

Gross profit = sales − cost of sales.