To Record Wages Earned but Not Paid Under the Modified

question 12

Multiple Choice

To record wages earned but not paid under the modified cash accounting method,

• A) debit Wages Payable and credit Wages Expense.
• B) debit Cash and credit Wages Expense.
• C) debit Wages Expense and credit Wages Payable.
• D) no entry is required.

Understand the arguments for and against protectionism, including economic efficiency and consumer impact.

Recognize the role of trade barriers in affecting domestic consumption and world production.

Assess the claims of unfair trade practices and their implications for international trade relations.

Understand the concept of free trade and its potential to expand production and consumption beyond domestic limitations.

---

Definitions:

Non-Cash Benefits

Compensation or perks given to employees that are not in the form of money, such as health insurance, company cars, or housing.

Performance Targets

Specific, quantifiable objectives set by a company or an individual to measure progress toward a desired goal or standard.

Leave Loading

An additional pay amount given to employees while they are on leave, typically calculated as a percentage of their usual wages, to compensate for not receiving certain types of earnings during their leave.

Provision Account

An account that is set aside to cover anticipated future expenses or liabilities.