Salaries owed but not yet paid is an example of which of the following? deferred expense or prepaid expense deferred revenue or unearned revenue accrued expense accrued revenue

Q: Under the Revenue Recognition Principle in IFRS, revenue is recognized In the accounting period when…

A: Under accrual-basis accounting, events that change a company's financial statements are recognized…

Q: Salaries Expense is debited to record the employer's FICA contributions and the FUTA and SUTA taxes.…

A: Payroll tax: This is the tax which is withheld by an employer from the pay of the employee and…

Q: How does accrued but uncollected revenue affect the balance sheet?

A:

Q: Which of the following is NOT considered an accrued expense account? Interest Expense Rent Expense…

A: The correct answer is Option (C) Depreciation expense because the depreciation is an adjusting entry…

Q: rue or False Unearned revenue is revenue that is earned but not yet collected

A: Solution Concept Unearned revenue                 The term unearned revenue means the revenue which…

Q: What categories of expenses are represented on the Schedule A for itemized deductions?

A: Definition: Income tax: Income tax refers to the direct tax levied on individual persons or…

Q: income recieved but service not rendered, Please suggest the JE

A: Journal entries are recording of the transaction in the accounting journal in a chronological order.…

Q: What is a prepaid expense and where is it reported in the financial statements?

A: Prepaid expense:   Prepaid expenses are any expenses that is paid before it becomes due. A prepaid…

Q: prepaid expense meaning

A: Under Accrual concept of accounting incomes and expenses are recognized as and when they occur.…

Q: The modified accrual basis ______. Multiple select question. What solution is it below? (A)…

A: Accrual basis and cash basis are two different methods of accounting used in financial reporting.…

Q: Difference between deferral of expenses/revenue and accrued expenses/ revenue?

A: The business adjust the profits of the business for the current year considering deferred and…

Q: Revenues and expenses must be recorded in the accounting period in which they were earned or…

A: The income and expenses are recorded in the income statement to estimate the profitability of the…

Q: What is salaries payable an equity, revenue, expense account, liability or expense?

A: Balance Sheet - Balance Sheet is combination of assets, liabilities and equity. It is prepared at…

Q: is prepaid reant an expense

A: Prepaid expense:Prepaid expense is the advance payment for future expenses is called as prepaid…