In the Adjusting Entry to Accrue Wages at the End

question 70

True/False

In the adjusting entry to accrue wages at the end of the accounting period, there is no need to credit any tax withholding accounts.

---

Definitions:

Physical Inventory

The process of counting and verifying the physical existence of tangible goods and assets held by a business for resale or production purposes.

Dollar-value LIFO Retail Method

This method combines the Last In, First Out (LIFO) inventory method with dollar-value calculations to adjust inventory for changes in price levels, often used in retail.

Price Index

A measure that examines the weighted average of prices of a basket of consumer goods and services over a period of time.

Ending Inventory

The total value of all goods available for sale at the end of an accounting period.