Gross profit is correctly ascertained by?

A. adding opening stock to purchases B. adding closing stock to sales C. subtracting returns outwards from purchases D. subtracting returns inwards from sales E. subtracting cost of goods sold from sales Correct Answer: Option E – subtracting cost of goods sold...

Balance of trade is said to be favourable when?

A. visible imports exceed visible imports B. invisible exports exceed visible imports C. invisible imports exceed visible exports D. visible exports exceed visible imports E. visible exports exceed invisible imports Correct Answer: Option D – visible exports...

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