Post Utme Uniben 2018 Accounting Question 20

Practice objective / multiple choice question 20 from the 2018 Post Utme Uniben Accounting examination.

Post Utme Uniben 2018 Accounting Objective / Multiple Choice
Question 20 POST_UTME_UNIBEN • 2018 • ACCOUNTING • objective

A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦60,000. Prepare the company's income statement.

Answer Options

A. Sales Revenue ₦100,000, Cost of Goods Sold ₦60,000, Gross Profit ₦40,000
B. Sales Revenue ₦100,000, Cost of Goods Sold ₦60,000, Gross Profit ₦40,000, Operating Expenses ₦20,000
Correct Answer C. Sales Revenue ₦100,000, Cost of Goods Sold ₦60,000, Gross Profit ₦40,000, Operating Expenses ₦20,000, Net Income ₦20,000
D. Sales Revenue ₦100,000, Cost of Goods Sold ₦60,000, Gross Profit ₦40,000, Operating Expenses ₦20,000, Net Income ₦20,000, Dividends ₦10,000
Correct Answer
C
Correct Option:
Sales Revenue ₦100,000, Cost of Goods Sold ₦60,000, Gross Profit ₦40,000, Operating Expenses ₦20,000, Net Income ₦20,000

About This Question

This is Post Utme Uniben 2018 Accounting Question 20. It is one of the objective questions from the 2018 Post Utme Uniben Accounting examination.

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