What type of an account is Wages and Salaries Payable? a) Asset b) Liability c) Revenue d)...
Question:
What type of an account is Wages and Salaries Payable?
a) Asset
b) Liability
c) Revenue
d) Expense
Financial Statements:
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
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View this answerThe correct answer is b) Liability.
| Options | Analysis |
|---|---|
| a) Asset | Assets are owned by the companies, and liabilities are owed by... |
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Total Liabilities: Definition & Explanation
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Chapter 2 / Lesson 16
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Understand the meaning of liabilities in accounting. Learn what total liabilities are in accounting and how to calculate them using different examples.
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