Post Utme Unn 2018 Accounting Question 5

Practice objective / multiple choice question 5 from the 2018 Post Utme Unn Accounting examination.

Post Utme Unn 2018 Accounting Objective / Multiple Choice
Question 5 POST_UTME_UNN • 2018 • ACCOUNTING • objective

A company has the following profit and loss account: Sales ₦ 500,000, Purchases ₦ 300,000, Salaries ₦ 200,000, Rent ₦ 50,000 What is the correct formula to calculate the gross profit?

Answer Options

Correct Answer A. Gross Profit = Sales - Purchases
B. Gross Profit = Sales - (Purchases + Salaries + Rent)
C. Gross Profit = (Sales - Purchases) - Salaries
D. Gross Profit = (Sales - Purchases) - (Salaries + Rent)
Correct Answer
A
Correct Option:
Gross Profit = Sales - Purchases

About This Question

This is Post Utme Unn 2018 Accounting Question 5. It is one of the objective questions from the 2018 Post Utme Unn Accounting examination.

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