wages owing is which type of account
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Explanation:
Wages owing is current liability account that records the amount of wages that are owed to workers/ employees for the work that worker/ employees has done in prior pried.
The wages owing accounts are usually operated at the end of the year. If the year end does not fall on the payroll day. Remaining days are added on the tear end month.
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Wages owing
- The current liability account that is supposed to record the wages owed to any employee or worker for the total work that he or she has done prior to this period is known as wages owing.
- One point to note here is that it is calculated at the end of the year.
- The remaining days get added if at all the year-end doesn't fall on the payroll day.
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