The excess of cost of goods sold over net sales is
...The excess of cost of goods sold over net sales is
Gross profit
Gross loss
Net profit
Net loss
Correct answer is B
Gross profit – is the excess of net sales over the cost of goods sold. This invariably means that, the excess of cost of goods sold over net sales is a gross loss.
Trading account for the year ended 31st December 2009 ₦ ₦ Opening...
Which of these is not method of stock valuation? ...
Given: Drawings - #3,500 Net loss - #2,500 Capital 1/1/2007 - #35,000 Additional capital - #10...
\(\begin{array}{c|c} & D\\ \hline \text{Purchase of raw materials} & 236,500\\ \text{Returns...
When stock is withdrawn for personal use, the accounting entries is to debit ...
Interest on Partner's drawing is credited to ...
\(\begin{array}{c|c} & N \\ \hline \text{Sales} & 14,600 \\ \text{Purchases} & 5,500 \\ ...