JAMB Accounting Past Questions & Answers - Page 127

631.

The excess of sales over cost of goods sold is

A.

Gross sales

B.

Gross profit

C.

Net profit

D.

Net sales

Correct answer is B

No explanation has been provided for this answer.

635.

If goods were bought from Tanko at a cost price of #9,000 with a cash discount of 5%, how much will be paid assuming prompt payment was made?

A.

#4,500

B.

#8,550

C.

#9,000

D.

#9,450

Correct answer is B

No explanation has been provided for this answer.