Question 86:

• BECE 2023

The gross profit of a business is calculated as ____________

A. Opening stock + total purchases.
B. Total expenses - total income.
C. Total expenses + total income.
D. Total purchases - closing stock.
E. Total sales - cost of goods sold.

Question 87:

• BECE 2023

A statement that shows the assets and liabilities of a business on a specific date is ____________

A. Balance sheet.
B. Bank statement.
C. Cash book.
D. Journal book.
E. Trading account.

Question 88:

• BECE 2023

The amount received by a buyer for prompt settlement of account is ____________

A. Bonus.
B. Commission.
C. Discount.
D. Loan.
E. Surplus.

Question 89:

• BECE 2023

Which of the following is an asset?

A. Accrual
B. Creditor
C. Loan
D. Overdraft
E. Stock

Question 90:

• BECE 2023

Purchases 5,000 Sales 6,000 Wages 1,000 What is the total of the trial balance?

A. N5,000
B. N6,000
C. N7,000
D. N11,000
E. N12,000