1 To find the value of closing stock at the end of a period we (A) do this by physically counting the stock (i.e. stocktaking) (B) look in the stock account (C) deduct opening stock from cost of goods...

1

To find the value of closing stock at the end of a period we

(A) do this by physically counting the stock (i.e. stocktaking)

(B) look in the stock account

(C) deduct opening stock from cost of goods sold

(D) deduct cost of goods sold from sales.

2

The credit entry for net profit is on the credit side of

(A) The trading account

(B) The profit and loss account

(C) The drawings account

(D) The capital account.