Question on: WAEC Accounting - 2013
A trading account is prepared to disclose the
A
net profile or loss for the year
B
gross profit or loss for the year
C
accumulated fund for the year
D
gross profit on manufacturing
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Correct Option: B
TheĀ purposeĀ of theĀ profit and loss accountĀ is to: Show whether a business has made aĀ PROFITĀ orĀ LOSSĀ over a financial year. It describe how theĀ profitĀ orĀ lossĀ arose ā e.g. categorizing costs between ācost of salesā and operating costs.
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