The Closing Entry for the Salaries Expense Account Includes a Debit

question 80

Multiple Choice

The closing entry for the Salaries Expense account includes a debit to:

• A)Salaries Expense and a credit to Retained Earnings.
• B)Salaries Expense and a credit to Net Income.
• C)Retained Earnings and a credit to Salaries Expense.
• D)Net Income and a credit to Salaries Expense.

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Definitions:

Pay Flexibility

The ability of employers to adjust wages based on factors such as market conditions, employee performance, or economic pressures.

Functional Flexibility

The ability of an organization to adapt and respond to changes by reallocating and utilizing its resources or workforce in different functions or roles.

Procedural Flexibility

The ability to adapt and change procedures and processes to meet different circumstances or preferences.

Written Rules

Formal guidelines and regulations that are documented and used to govern the actions and behaviors of members within an organization or society.