Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 1 - No. 49)
What is the purpose of calculating gross profit?
To determine the overall profitability of a company.
To assess a company's ability to control costs of goods sold.
To show a company's net income.
To determine the company's total expenses.
Explanation
Gross profit is used to determine how well a company manages its cost of goods sold.
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