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The net profit or loss for the year is determined in profit and loss account...

Accounts - Principles of Accounts
JAMB 1994

The net profit or loss for the year is determined in profit and loss account after
  • A. deducting purchases from sales
  • B. deducting cost of goods sold from sales and adding administrative expenses
  • C. adding commissions received to gross profit
  • D. eliminating all expenses from gross profit and adding any other income
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Correct Answer: Option D
Explanation
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