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question 3
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- What is single entry system of booking
- State three causes of single entry
- Explain:
- (i) mark-up;
- (ii) margin:
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Majority of candidates attempted this question and performed well in 3a and 3b, but could not explain correctly mark-up and margin.
The expected answer in 3C i & ii are:
Mark-Up: This is gross profit expressed as a percentage of cost of goods sold.
Margin: This is gross profit expressed as a percentage of sales. |
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