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WAEC Financial Accounting 2021 Question 43

Question 43

Accruals and Prepayments

Wages accrued is shown in the balance sheet as

  1. A.an asset.
  2. B.an income
  3. C.an expense
  4. D.a liability.
Show the answer and explanation

Answer: D (a liability.)

Explanation

Wages owed are a current liability.