Accrued salaries areSalaries that have been neither earned byemployees nor paid.Salaries that have been earned byemployees but not paid.Salaries that have been paid but not earnedby employees.Salaries that were earned by employeesand have been paid.Which types of adjusting entries arenatural oppositesProfit and lossO Prepaids and depreciationO Expenses and revenuesPrepaids and accruals Adjusting the accounts is theprocess ofSubtracting expenses from revenues tomeasure profit.Zeroing but account balances to prepare forthe next period.Updating the accounts at the end of theperiod.Recording transactions as they occurduring the period.The type of account and normalbalance of AccumulatedDepreciation isContra-asset, creditContra-asset, debitAsset, debit.Asset, credit.

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Accrued salaries are Salaries that have been neither earned by employees nor paid. Salaries that have been earned by employees but not paid. Salaries that have been paid but not earned by employees. Salaries that were earned by employees and have been paid.

Accrued salaries are Salaries that have been neither earned by employees nor paid. Salaries that have been earned by employees but not paid. Salaries that have been paid but not earned by employees. Salaries that were earned by employees and have been paid.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

Question

Accrued salaries are
Salaries that have been neither earned by
employees nor paid.
Salaries that have been earned by
employees but not paid.
Salaries that have been paid but not earned
by employees.
Salaries that were earned by employees
and have been paid.
Which types of adjusting entries are
natural opposites
Profit and loss
O Prepaids and depreciation
O Expenses and revenues
Prepaids and accruals

Adjusting the accounts is the
process of
Subtracting expenses from revenues to
measure profit.
Zeroing but account balances to prepare for
the next period.
Updating the accounts at the end of the
period.
Recording transactions as they occur
during the period.
The type of account and normal
balance of Accumulated
Depreciation is
Contra-asset, credit
Contra-asset, debit
Asset, debit.
Asset, credit.

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