The Payroll Process Is Initiated When

question 69

Multiple Choice

The payroll process is initiated when:

• A)An employee submits his time sheet for the pay period
• B)An employee is hired
• C)A payroll check is released to the employee
• D)A prospective employee is interviewed and given a wage estimate

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Definitions:

Accounts Payable

Obligations a company owes to its suppliers or creditors for goods and services received but not yet paid for.

Cash

Liquid currency and coins that are accepted as a medium of exchange for goods and services.

Risk

The possibility of experiencing loss or damage as a result of making a particular decision or taking a certain action.

Return

The gain or loss on an investment over a specified period, expressed as a percentage of the investment’s cost.