Post Utme Bowen University 2018 Accounting Question 24

Practice objective / multiple choice question 24 from the 2018 Post Utme Bowen University Accounting examination.

Post Utme Bowen University 2018 Accounting Objective / Multiple Choice
Question 24 POST_UTME_BOWEN_UNIVERSITY • 2018 • ACCOUNTING • objective

A company has the following ledger accounts: Sales (₦100,000), Cost of Goods Sold (₦50,000), and Gross Profit (₦50,000). Prepare a statement of profit or loss.

Answer Options

Correct Answer A. Sales: ₦100,000, Cost of Goods Sold: ₦50,000, Gross Profit: ₦50,000
B. Sales: ₦50,000, Cost of Goods Sold: ₦100,000, Gross Profit: ₦50,000
C. Sales: ₦100,000, Cost of Goods Sold: ₦50,000, Gross Profit: ₦50,000
D. Sales: ₦50,000, Cost of Goods Sold: ₦50,000, Gross Profit: ₦0
Correct Answer
A
Correct Option:
Sales: ₦100,000, Cost of Goods Sold: ₦50,000, Gross Profit: ₦50,000

About This Question

This is Post Utme Bowen University 2018 Accounting Question 24. It is one of the objective questions from the 2018 Post Utme Bowen University Accounting examination.

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