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WAEC Financial Accounting 2014 Question 47

Question 47

Manufacturing Accounts

A manufacturing account is drawn up by

  1. A.firms providing personal services.
  2. B.firms engaged solely in buying and selling of goods.
  3. C.firms which make and sell articles.
  4. D.non-trading organization.
Show the answer and explanation

Answer: C (firms which make and sell articles.)

Explanation

Only businesses that make the goods they sell need a manufacturing account to find the cost of production.