When Accounting Software Is Used to Prepare the Periodic Payroll

question 101

Multiple Choice

When accounting software is used to prepare the periodic payroll, which of the following items is necessary to input for each employee?

• A)Employee Name
• B)Hours Worked
• C)Pay Rate
• D)Social Security Number

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Definitions:

FASB

stands for the Financial Accounting Standards Board, which is responsible for establishing accounting and financial reporting standards in the United States.

Total Liabilities

The combined debts and obligations that a company owes to outside parties at any given time.

Total Assets

The sum of all assets, both current and noncurrent, owned by an entity, reflecting the total resources at its disposal.

Stockholders' Equity

The portion of the balance sheet that represents the equity or ownership interest of shareholders in a company.