Q: Which of the following statements about profit, loss and discount concepts are correct?
(A) Profit is defined as selling price minus cost price when the selling price exceeds the cost price;
(B) If a shopkeeper offers a discount on the marked price, the selling price equals marked price plus discount;
(C) Profit percent is usually calculated on the cost price, unless otherwise specified;
(D) If the cost price is Rs. 100 and the profit is 20%, the selling price is Rs. 120;
(E) Loss occurs when the cost price is less than the selling price;
Choose the correct answer from the options given below:

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