Post Utme Crawford University 2025 Accounting Question 10

Practice objective / multiple choice question 10 from the 2025 Post Utme Crawford University Accounting examination.

Post Utme Crawford University 2025 Accounting Objective / Multiple Choice
Question 10 POST_UTME_CRAWFORD_UNIVERSITY • 2025 • ACCOUNTING • objective

A company has the following transactions: Purchase of goods for ₦100,000, Sales of goods for ₦150,000, Purchase of equipment for ₦50,000, and Payment of rent for ₦20,000. Prepare a simple income statement for the company.

Answer Options

Correct Answer A. Revenue: ₦150,000, Cost of Goods Sold: ₦100,000, Gross Profit: ₦50,000
B. Revenue: ₦150,000, Cost of Goods Sold: ₦50,000, Gross Profit: ₦100,000
C. Revenue: ₦150,000, Cost of Goods Sold: ₦150,000, Gross Profit: ₦0
D. Revenue: ₦150,000, Cost of Goods Sold: ₦200,000, Gross Profit: ₦-50,000
Correct Answer
A
Correct Option:
Revenue: ₦150,000, Cost of Goods Sold: ₦100,000, Gross Profit: ₦50,000

About This Question

This is Post Utme Crawford University 2025 Accounting Question 10. It is one of the objective questions from the 2025 Post Utme Crawford University Accounting examination.

View More Post Utme Crawford University 2025 Accounting Questions More Post Utme Crawford University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support