JAMB Accounting 2013 Objective — Question 29

Question 29 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2013 Objective paper, with the correct answer and a full explanation.

In manufacturing account, the work-in-progress at the end of the year is

A. deducted from the cost of goods completed during the yearCorrect
B. added to the cost of goods completed during the year
C. stated in the profit and account
D. stated in the prime cost section

Explanation

Closing work-in-progress is deducted because it is not yet completed, while the opening work-in-progress is added because it relates to goods completed during the year.

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