The Statement of Financial Position Is Also Known as The

question 16

Multiple Choice

The statement of financial position is also known as the:

• A)balance sheet
• B)statement of stockholders' equity.
• C)income statement.
• D)statement of cash flows.

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Definitions:

Salaries and Wages Expense

The total expense for a company from paying salaries and wages to its employees during a financial period, reflecting the cost of labor.

Salaries and Wages Payable

Liabilities arising from employees' salaries and wages that have been earned but not yet paid.

Adjusting Entry

A journal entry made at the end of an accounting period to allocate income and expenditures to the correct periods.

Supplies Account

An account that tracks the cost of supplies used or on hand during an accounting period.