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WAEC Financial Accounting 2016 Question 23

Question 23

Manufacturing Accounts

Partly manufactured goods are treated in the balance sheet of a manufacturing company as

  1. A.current assets.
  2. B.fixed assets.
  3. C.current liabilities.
  4. D.long term liabilities.
Show the answer and explanation

Answer: A (current assets.)

Explanation

Work-in-progress is part of stock, a current asset.