GENERAL ACCOUNTING PRINCIPLES (GENERAL STUDIES) Part-2

Discussion Forum: GENERAL ACCOUNTING PRINCIPLES (GENERAL STUDIES) Part-2 - Q.No: 13

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13. While calculating Gross Profit ratio, []

  1. (a) Closing stock is deducted from cost of goods sold
  2. (b) Closing stock is added to cost of goods sold
  3. (c) Closing stock is ignored
  4. (d) None of the above

Correct Answer: (a) Closing stock is deducted from cost of goods sold

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