WAEC Accounting 2016 Objective — Question 23

Question 23 of 50 from the West African Examinations Council (WAEC) Accounting 2016 Objective paper, with the correct answer and a full explanation.

23. Partly manufactured goods are treated in the balance sheet of a manufacturing company as A. current assets B. fixed assets

A. current assetsCorrect
B. fixed assets
C. -
D. -

Explanation

Partly manufactured goods (work-in-progress) forms part of the stock. Thus, it is treated as current assets. Use the following information to answer questions 24 and 25 Cash purchase D29,641; Creditors 1/1/14 D3,473; Creditors 31/12/14 D3,117; Cash paid to creditors D127,345; Discount received D4,211

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