Wages Payable Is an Example of

question 40

Multiple Choice

Wages Payable is an example of

• A) Unearned Revenues
• B) Expense
• C) Liability
• D) Prepaid Revenue

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Definitions:

Normal Balance

The side (debit or credit) of an account that is expected to have a higher balance based on the accounting rules.

Temporary/Permanent

Categories used to distinguish assets, liabilities, and equity items based on their duration in financial statements; temporary items fluctuate regularly while permanent items typically remain constant over time.

Principal

The original sum of money borrowed in a loan, or the amount of the investment that is actually made.

Total Liabilities

The sum of all debts and financial obligations a company owes to outside parties, including loans, accounts payable, and bonds payable.