Which of the following is not an expense?
(a) Wages A/C
(b) Rent paid
(c) Advance wages paid
(d) Wages paid for repairing
Answers
Answer:
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Answer:
The correct answer is (c) Advance wages paid
Explanation:
Advance payment:
Paid in advance
Prepaid wages or salary is another name for salaries that are paid in advance (it is a prepaid expense ). It refers to the number of wages paid by an entity in advance but not yet matched by the appropriate labour effort from the employee or worker. The funds were paid with regard to a subsequent accounting period.
An advance payment, or simply an advance, is the portion of a contractually owed sum that is paid or received before the delivery of the goods or services, as opposed to the balance that will be included in the invoice. In accrual accounting, advances are recorded as prepaid expenditures for the company granting the advance. On the balance sheet, advances are listed as assets. These assets are expended when they are used, and the corresponding amount is shown on the income statement for the relevant period. A typical prepaid asset is an insurance, which will only be a prepaid asset when it is a preventative step to safeguard a company from unanticipated disasters. The advance is a business asset since it represents the services that will be rendered by the employee at a later time even if the employee has not yet received the salary. The sum is recorded as receivable since it may be recouped from the employee using their salary at the end of the month.
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