The net profit is the excess of gross profit and sources of income over all...
COMMERCE
JAMB 2014
The net profit is the excess of gross profit and sources of income over all the expenses . This implies that net profit is
- A. the difference between gross profit and trade expenses
- B. the different between gross profit and net sales
- C. sales less cost of sales including sales returns
- D. opening stock add purchases less closing stock
Correct Answer: A. the difference between gross profit and trade expenses
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