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Well, yes ...but, there are different kinds of expenses: operational expenses, such as a payroll are not the same as, say, capital expenses, such as buying a large piece of equipment. Capital expenses are writable (taken off taxes) while many operational expenses are not (marketing and advertising expenses, for example, are).
-InThree21 (B.A. Business; maybe an MBA could have a better answer!)
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∙ 9y ago
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Which of the following groups contain only accounts that normally have credit balances?
Salaries Expense and Account Payable
What is an example of a variable expense?
Any expense which is varying with levels of production is a variable expense. For example, with more production, expenses on raw materials will also increase. Consumption of raw material , thus , is a variable expense.
What is an example of a flexible expense?
New clothing
A bill received from a supplier is an example of?
An expense
Is salary an expense or expenditue?
Salaries is recorded as a debit entry in the wages account, so it is classed as an expense. Wages are recorded in the nominal ledger or ( general Ledger ) it is classed as a debit entry because the bank/cash book is credited think of debit as in and credit as out. If need any further information please ask. Andrew Swift
What liability account would hold the balance of wages due but not yet paid Wage Expense Prepaid Wages or Wages Payable?
Wages Payable Payable accounts holds amount owned but not yet paid.
The entry to adjust the accounts for wages accrued at the end of the accounting period is?
wages expense and wages payable
Wages belong to which expenses?
Wages Payable, or Payroll Liabilities. Also, classifies as Capital Expense.
Are wage expense considered a current liability?
Generally NO, wages are an expense. The only exception to the rule is if a company has "wages payable" which is wages that they owe but have not yet paid, "wages payable" is a liability until they are paid. Once paid, the account is closed into wage expense and is listed under the asset column of the Trial Balance sheet, until the end of the accounting cycle when expense accounts are closed out for the year end.
What is the purpose of doing the calculation Beginning salaries and wages payable PLUS Salaries and wages expense MINUS cash payments to employees EQUALS Ending salaries and wages payable?
The main purpose of this calculation is to find the salary and wages payable liability to show in the liability side of the balance sheet.
Is wages current liabilitys or non current liabilitys?
If wages already paid then it is current expense, if wages are payable within current fiscal year then it is current liabilities, if wages are payable in morethan one fiscal year that the amount payable in current fiscal year is current liability and the remaining amount will be treated as long term liability.
What is the journal entry for outstanding wages?
debit wages expensescredit wages payable
Is notes payable an asset or a liability?
Accounts Payable and Notes Payable are liabilities. Accounts receivable - assets All "payable" accounts are "liabilities". This is because a liability is something the company OWES, a payable is the very same thing, hence the term "payable". Though some payable accounts change from being a payable to an expense, they are still liabilities as long as they are "payable", these include: Interest Payable (liability until paid, then reverts to Interest Expense) Salary or Wages Payable(liability until paid, then reverts to salary or wage expense) Payable accounts maintain a "credit" balance, meaning they increase with a Credit and Decrease with a debit. Now the quick answer: Payable = Liability Receivable = Asset
Is Wages payable a liability?
Yes any payable is liability of business in this way wages payable is also liability.
What type of account is bills payable account?
ALL payable accounts are liabilities no matter what they are for. Whether it is a bill payable, mortgage payable, note payable, wages payable, etc, they are all listed as a liability. This is because a "payable" is something you (your company) owes but has not paid yet. For a bill such as Phone, once the obligation is met it is no longer a liability but an expense.
Are wages payable listed on an income statement?
No, but Wages Expense would be listed on the income statement.Wages Payable would be a liability account, and would be shown on the Balance Sheet under current liabilities. This account would state how much the company still owes its employees for services rendered.Wages Expense, on the other hand, would be the expense recognized in the year (shown on the income statement) for the services of the company's employees, whether the amounts have been paid out or not.
What is meant by expenses payable?
Expense payable is a current liability.
