{"id":55896,"date":"2024-04-16T00:35:15","date_gmt":"2024-04-16T00:35:15","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=55896"},"modified":"2024-04-16T00:35:15","modified_gmt":"2024-04-16T00:35:15","slug":"wages-outstanding-is-appearing-in-the-trial-balance-of-a-company-while-preparing-the-income-statement-and-balance-sheet-wages-outstanding-should-appear-in","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/wages-outstanding-is-appearing-in-the-trial-balance-of-a-company-while-preparing-the-income-statement-and-balance-sheet-wages-outstanding-should-appear-in\/","title":{"rendered":"Wages Outstanding&#8217; is appearing in the Trial Balance of a company. While preparing the Income Statement and Balance Sheet, &#8216;Wages Outstanding&#8217; should appear in-"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a9755d20ea2a\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"true\">\r\n                    the Balance Sheet only                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    the Income Statement only                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    both Income Statement and Balance Sheet                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    neither Income Statement nor Balance Sheet                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: A. the Balance Sheet only.<\/p>\n<p>Wages outstanding are a liability of <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> a company. They represent the amount of money that the company owes to its employees for work that has already been done. As such, they should be reported on the balance sheet as a current liability.<\/p>\n<p>The income statement reports the company&#8217;s revenues and expenses for a specific period of time. <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> Wages outstanding are not an expense, as they have not yet been paid. Therefore, they should not be reported on the income statement.<\/p>\n<p>Here is a brief explanation of each option:<\/p>\n<ul>\n<li>Option A: The Balance Sheet only. This is the correct answer. Wages outstanding are a liability of a company and should be reported on the balance sheet as a current liability.<\/li>\n<li>Option B: The Income Statement only. This is incorrect. Wages outstanding are not an expense, as they have not yet been paid. Therefore, they should not be reported on the income statement.<\/li>\n<li>Option C: Both Income Statement and Balance Sheet. This is incorrect. Wages outstanding are a liability of a company and should be reported on the balance sheet as a current liability. They are not an expense, as they have not yet been paid. Therefore, they should not be reported on the income statement.<\/li>\n<li>Option D: Neither Income Statement nor Balance Sheet. This is incorrect. Wages outstanding are a liability of a company and should be reported on the balance sheet as a current liability.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Wages Outstanding&#039; is appearing in the Trial Balance of a company. 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