The Entry to Adjust the Accounts for Wages Accrued at the End

question 94

Multiple Choice

The entry to adjust the accounts for wages accrued at the end of the accounting period is

• A) debit Wages Payable; credit Wages Income
• B) debit Wages Income; credit Wages Payable
• C) debit Wages Payable; credit Wages Expense
• D) debit Wages Expense; credit Wages Payable

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Definitions:

Activity Base

A measure used to assign costs in activity-based costing, reflecting the volume of activity that drives costs.

Service Firm

A business that provides intangible products or services to consumers or other businesses.

Contribution Margin

The amount remaining from sales revenue after variable expenses are deducted, contributing to covering fixed costs and generating profit.

Machine Hours

A measure of production time, corresponding to the total hours that machines are in operation.