Post Utme Noun 2019 Accounting Question 25

Practice objective / multiple choice question 25 from the 2019 Post Utme Noun Accounting examination.

Post Utme Noun 2019 Accounting Objective / Multiple Choice
Question 25 POST_UTME_NOUN • 2019 • ACCOUNTING • objective

A company's trial balance shows the following balances: Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Common Stock ₦200,000. Prepare the company's income statement.

Answer Options

Correct Answer A. Revenue ₦500,000, Cost of Goods Sold ₦300,000, Gross Profit ₦200,000
B. Revenue ₦500,000, Cost of Goods Sold ₦200,000, Gross Profit ₦300,000
C. Revenue ₦500,000, Cost of Goods Sold ₦400,000, Gross Profit ₦100,000
D. Revenue ₦500,000, Cost of Goods Sold ₦500,000, Gross Profit ₦0
Correct Answer
A
Correct Option:
Revenue ₦500,000, Cost of Goods Sold ₦300,000, Gross Profit ₦200,000

About This Question

This is Post Utme Noun 2019 Accounting Question 25. It is one of the objective questions from the 2019 Post Utme Noun Accounting examination.

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