{"id":204548,"date":"2025-03-22T08:42:25","date_gmt":"2025-03-22T08:42:25","guid":{"rendered":"https:\/\/learnexams.com\/blog\/?p=204548"},"modified":"2025-03-22T08:42:27","modified_gmt":"2025-03-22T08:42:27","slug":"accounts-maintained-within-the-ledger-that-appear-on-the-statement-of-financial-position-include-all-of-the-following-except","status":"publish","type":"post","link":"https:\/\/www.learnexams.com\/blog\/2025\/03\/22\/accounts-maintained-within-the-ledger-that-appear-on-the-statement-of-financial-position-include-all-of-the-following-except\/","title":{"rendered":"Accounts maintained within the ledger that appear on the statement of financial position include all of the following except"},"content":{"rendered":"\n<p>Accounts maintained within the ledger that appear on the statement of financial position include all of the following except<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>a. Salaries expense.<\/li>\n\n\n\n<li>b. Interest payable.<\/li>\n\n\n\n<li>c. Supplies.<\/li>\n\n\n\n<li>d. Share capital \u2013 ordinary.<\/li>\n<\/ul>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-ast-global-color-6-color\"><strong>The correct answer and explanation is :<\/strong><\/mark><\/p>\n\n\n\n<p>The correct answer is <strong>a. Salaries expense<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Explanation:<\/h3>\n\n\n\n<p>The <strong>Statement of Financial Position<\/strong>, also known as the <strong>Balance Sheet<\/strong>, represents the financial position of a company at a specific point in time, listing its assets, liabilities, and equity. The goal of the statement is to provide a snapshot of the company&#8217;s resources (assets) and obligations (liabilities), as well as the owners&#8217; equity.<\/p>\n\n\n\n<p>Now, let\u2019s analyze the options one by one:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Salaries expense (a)<\/strong>:<\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Salaries expense<\/strong> is an item found in the <strong>Income Statement<\/strong> (also known as the Profit and Loss Statement), not the Statement of Financial Position. The Income Statement records revenues and expenses over a specific period, and salaries expense reflects the cost of employee compensation during that period.<\/li>\n\n\n\n<li>The Income Statement reflects the company\u2019s financial performance, showing profits or losses. Salaries expense reduces the company\u2019s net income but is not directly reported on the Balance Sheet.<\/li>\n\n\n\n<li>While salaries payable (a liability) could appear on the Balance Sheet if there is an outstanding amount to be paid, the expense itself is part of the Income Statement.<\/li>\n<\/ul>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Interest payable (b)<\/strong>:<\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Interest payable<\/strong> is a <strong>liability<\/strong> that appears on the Statement of Financial Position. It represents the amount of interest the company owes on its borrowings but hasn&#8217;t yet paid. This is classified as either a current or non-current liability depending on when it is due.<\/li>\n<\/ul>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Supplies (c)<\/strong>:<\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Supplies<\/strong> are <strong>assets<\/strong> and typically appear under current assets on the Statement of Financial Position. These are items that the company uses in its daily operations and are expected to be consumed within a year or during the operating cycle.<\/li>\n<\/ul>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Share capital \u2013 ordinary (d)<\/strong>:<\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Share capital \u2013 ordinary<\/strong> refers to the equity invested by the shareholders in the company in exchange for shares of stock. This is classified as <strong>equity<\/strong> on the Statement of Financial Position.<\/li>\n<\/ul>\n\n\n\n<p>In summary, <strong>Salaries expense<\/strong> does not appear on the Statement of Financial Position because it pertains to the company\u2019s operations during a given period and is reported in the Income Statement.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Accounts maintained within the ledger that appear on the statement of financial position include all of the following except The correct answer and explanation is : The correct answer is a. Salaries expense. Explanation: The Statement of Financial Position, also known as the Balance Sheet, represents the financial position of a company at a specific [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[25],"tags":[],"class_list":["post-204548","post","type-post","status-publish","format-standard","hentry","category-exams-certification"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/204548","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/comments?post=204548"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/204548\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=204548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=204548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=204548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}