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In the preparation of a manufacturing account, what is the purpose of not recording the opening and closing stock of finished goods?
  • a)
    To simplify the accounting process
  • b)
    To hide production inefficiencies
  • c)
    To calculate income tax liabilities
  • d)
    To determine the manufacturing profit or loss
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
In the preparation of a manufacturing account, what is the purpose of ...
The opening and closing stock of finished goods are not recorded in the manufacturing account to accurately determine the manufacturing profit or loss during the specified period. This omission allows for a clear calculation of profit or loss related to production activities.
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In the preparation of a manufacturing account, what is the purpose of not recording the opening and closing stock of finished goods?a)To simplify the accounting processb)To hide production inefficienciesc)To calculate income tax liabilitiesd)To determine the manufacturing profit or lossCorrect answer is option 'D'. Can you explain this answer?
Question Description
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