What type of an account is Wages and Salaries Payable?
A company prepares its financial statements using the accounting information recorded as journal entries, ledger postings, and trial balances. These statements help users and investors make investment decisions.
Answer and Explanation: 1
The correct answer is b) Liability.
|a) Asset||Assets are owned by the companies, and liabilities are owed by...|
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fromChapter 2 / Lesson 16
Understand the meaning of liabilities in accounting. Learn what total liabilities are in accounting and how to calculate them using different examples.