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Q7(12)PSB

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Financial & Managerial Accounting
Found in: Page 160
Financial & Managerial Accounting

Financial & Managerial Accounting

Book edition 7th
Author(s) John J Wild, Ken W. Shaw, Barbara Chiappetta
Pages 1096 pages
ISBN 9781259726705

Short Answer

In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank.

A. Current assets E. Current liabilities

B. Long-term investments F. Long-term liabilities

C. Plant assets G. Equity

D. Intangible assets

12. Salaries payable

The correct answer is A, Current liabilities.

See the step by step solution

Step by Step Solution

Definition of salaries

Salaries can be defined as the remuneration paid to the employees for the services provided by them in an accounting period. It is an expense for the organization and should be disclosed in the income statement.

Reason for choice

Salaries must be paid in the accounting year in which it is due, hence it should be disclosed under current liability section of a particular accounting period of the organization.

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