The excess of cost of goods sold over net sales... - WAEC Accounting 2016 Question
The excess of cost of goods sold over net sales is
A
Gross profit
B
Gross loss
C
Net profit
D
Net loss
correct option: 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.
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