The gross profit of a business is calculated as ____________ - SchoolNGR

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The gross profit of a business is calculated as ____________

The gross profit of a business is calculated as ____________

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Take Free Practice Test On 2026 JAMB UTME, Post UTME, WAEC SSCE, GCE, NECO SSCE

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.

Correct Answer: Option E

Explanation:
Gross profit is calculated by subtracting the cost of goods sold from total sales.

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