Use the Following to Answer Questions

question 46

Multiple Choice

Use the following to answer questions :
Table: Price Levels

-(Table: Price Levels) Look at the table Price Levels. What is the rate of inflation from 2013 to 2014?

• A)1.1%
• B)2.6%
• C)2.9%
• D)2.0%

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Definitions:

Wages Expense

Wages Expense is the total cost incurred by a business for paying salaries and wages to its employees during a financial period.

Wages Payable

An account liable for recording the unpaid earnings of employees for their completed work.

Accrue

The process in accounting by which revenues and expenses are recognized when incurred, regardless of when cash transactions occur.

Salaries Expense

The total amount spent by an organization on employee salaries over a specific period of time.