To which balance sheet grouping does the item 'wages payable' belong?
A) Current asset.
B) Noncurrent asset
C) Current liability
D) Noncurrent liability

Question

Quizplus · Accepted Answer

Wages payable is an obligation that the company owes to its employees and is expected to be settled within the current accounting period. Therefore, it belongs to the current liability section of the balance sheet.

To Which Balance Sheet Grouping Does the Item 'Wages Payable