The Employees of Sinclair Services, Inc

question 212

Multiple Choice

The employees of Sinclair Services, Inc. worked the last two weeks of December. They received their paychecks on January 2. Which of the following accounts should appear on the balance sheet as of December 31?

• A) Accounts Payable
• B) Salaries Payable
• C) Salaries Expense
• D) Prepaid Expense

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Definitions:

U.S. GAAP

Generally Accepted Accounting Principles in the United States, a set of guidelines and standards for financial reporting and accounting practices to ensure consistency and transparency.

IFRS

International Financial Reporting Standards, which are a set of accounting standards developed by the International Accounting Standards Board (IASB) for the preparation of public company financial statements globally.

Noncontrolling Interest

It refers to the ownership in a subsidiary not attributable to the parent company, representing a minority share that does not control the company.