Question on: JSS3 Business studies - Trading, profit and loss account
Which of the following is deducted from total revenue to calculate gross profit in a Trading Account?
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A
Operating expenses
B
Non-operating income
C
Cost of Goods Sold (COGS)
D
Opening stock
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Correct Option: C
To calculate gross profit in a Trading Account, you subtract the Cost of Goods Sold (COGS) from the total revenue (sales).
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