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1546
Gross Profit of a business is the
  • A. excess of sales over all the trading expenses
  • B. difference between sales and purchases
  • C. excess of sales over the cost of goods sold
  • D. difference between discounts received and discount allowed
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1547
Prepaid rent of N650 had been recorded as N560. This is an error of
  • A. commission
  • B. principle
  • C. compensation
  • D. original entry
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1548
When a buyer is undercharged, the seller forwards
  • A. a debit note
  • B. a credit note
  • C. an undercast note
  • D. a payment receipt
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1549
Rent owing as at 31st December 1998, N800. Rent paid up to 31st December 1998, N1,700. Rent owing as at 1st January 1998, N500. Rent charged to the profit and loss account for the year 1998 is
  • A. N2,000
  • B. N1,700
  • C. N1,400
  • D. N1,300
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1550
Rent owing as at 31st December 1998, N800. Rent paid up to 31st December 1998, N1,700. Rent owing as at 1st January 1998, N500. The closing balance for 1998 is an item under
  • A. current lability
  • B. current asset
  • C. long term liability
  • D. fixes asset
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