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Outstanding salaries at the end of the accounting period should be:
  • a)
    Deducted from the salaries expense in the Profit and Loss Account
  • b)
    Added to the salaries expense in the Profit and Loss Account
  • c)
    Shown as an asset in the Balance Sheet
  • d)
    Ignored until paid
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Outstanding salaries at the end of the accounting period should be:a)D...
Outstanding salaries are added to the salaries expense in the Profit and Loss Account and shown as a liability in the Balance Sheet. This follows the accrual basis of accounting, where expenses are recognized when incurred, not when paid.
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Outstanding salaries at the end of the accounting period should be:a)Deducted from the salaries expense in the Profit and Loss Accountb)Added to the salaries expense in the Profit and Loss Accountc)Shown as an asset in the Balance Sheetd)Ignored until paidCorrect answer is option 'B'. Can you explain this answer?
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Outstanding salaries at the end of the accounting period should be:a)Deducted from the salaries expense in the Profit and Loss Accountb)Added to the salaries expense in the Profit and Loss Accountc)Shown as an asset in the Balance Sheetd)Ignored until paidCorrect answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Outstanding salaries at the end of the accounting period should be:a)Deducted from the salaries expense in the Profit and Loss Accountb)Added to the salaries expense in the Profit and Loss Accountc)Shown as an asset in the Balance Sheetd)Ignored until paidCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Outstanding salaries at the end of the accounting period should be:a)Deducted from the salaries expense in the Profit and Loss Accountb)Added to the salaries expense in the Profit and Loss Accountc)Shown as an asset in the Balance Sheetd)Ignored until paidCorrect answer is option 'B'. Can you explain this answer?.
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