Accounting JAMB

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

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

Correct Answer:

Option A – deducted from the cost of goods completed during this year

Explanation

Work in progress for the year is gotten by = WIP beginning balance + manufacturing costs – the cost of goods completed.

Sunday

Share
Published by
Sunday
Tags: Accounting

Recent Posts

List of Universities Offering Veterinary Medicine in Nigeria

Veterinary medicine is the branch of medicine that deals with the prevention, diagnosis, and treatment…

3 months ago

List of Universities Offering Anthropology in Nigeria

Anthropology is the scientific study of human beings and their cultures. It encompasses a wide…

3 months ago

List of Universities Offering Sociology in Nigeria

Sociology is the scientific study of human society, culture, and behavior. It examines the social…

3 months ago

List of Universities Offering Social Work in Nigeria

Social Work is a profession dedicated to helping individuals, families, and communities to cope with…

3 months ago

List of Universities Offering Religious Studies in Nigeria

Religious studies is an academic discipline that explores the beliefs, practices, and history of various…

3 months ago

List of Universities Offering Public Administration in Nigeria

Public administration is the field of study and practice that focuses on the organization and…

3 months ago