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Which of the following is determined in the Trading Account?

Accounts - Principles of Accounts
JAMB 2025

Which of the following is determined in the Trading Account?

  • A. Net profit
  • B. Prime cost
  • C. Factory overheads
  • D. Cost of goods sold
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Correct Answer: Option D
Explanation

The Trading Account is prepared to determine gross profit or gross loss, and in doing so it calculates the cost of goods sold (COGS).

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