Asked by
Edriel Platino
on Oct 28, 2024
Verified
Wages expense is an example of an accrued liability account.
Wages Expense
The total cost incurred by an organization to pay salaries and wages to its employees for a specific period.
Accrued Liability
A liability that has been incurred, is recognized on the balance sheet, and has not yet been paid.
- Differentiate accounts payable from accrued liabilities and several other forms of current liabilities.
Verified Answer
IR
Learning Objectives
- Differentiate accounts payable from accrued liabilities and several other forms of current liabilities.