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

Assessment: WAEC SSCE - Financial Accounting - 2016 (Objective) Subject: Financial Accounting

Question 1 Report

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

Answer Details
Partly manufactured goods are treated in the balance sheet of a manufacturing company as current assets. These goods are also known as work in progress (WIP) and represent goods that are in the process of being manufactured but are not yet complete. They are included in current assets because they are expected to be sold or completed within the next operating cycle of the business. Once the goods are completed, they will be transferred to finished goods inventory and then treated as current assets until they are sold.
Read lesson note on Accounts Of Not-for-profit-making Organizations (JAMB)
Read lesson note on Partnership Accounts (JAMB)
Read lesson note on The Accounting Equation And Double Entry Principle (WAEC)
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