What Is Another Name for the Statement of Financial Position

question 63

Multiple Choice

What is another name for the statement of financial position?

• A) income statement
• B) statement of owners' equity
• C) earnings statement
• D) balance sheet

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Definitions:

Gross Wages

The total amount of an employee's earnings before any deductions are made for taxes, benefits, and other payroll withholdings.

Tax Withholdings

Amounts of money withheld from an employee's salary by an employer for payment of taxes.

Pay Payroll Liabilities

The process of compensating employees and settling amounts owed for payroll taxes, insurance, and other deductions.

Reconcile Payroll

The process of verifying and adjusting the accuracy of payroll records to ensure they match transaction records.