When You Prepare a Payroll Remittance for the First Time

question 18

Multiple Choice

When you prepare a payroll remittance for the first time -

• A) the historical balance forward amount is added automatically
• B) changing the pay period ending date changes the amounts on the remittance form
• C) you can enter any period ending date after the fiscal start date
• D) both a and c above are correct

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Definitions:

Absorption Costing

A method that includes all manufacturing costs - direct materials, direct labor, and both variable and fixed overhead - in the cost of a product.

Financial Reporting

The process of producing statements that disclose an organization's financial status to management, investors, and the government.

Generally Accepted Accounting Principles

The common set of accounting principles, standards, and procedures that companies use to compile their financial statements.

Profit-volume Chart

A graphical representation that shows the relationship between a business's profit and its volume of sales.