When You Post a Payroll Entry the Following Accounts Are

question 12

Multiple Choice

When you post a payroll entry the following accounts are updated -

• A)all properly linked payroll ledger accounts
• B)only the employee's wages expense and wages payable ledgers
• C)only the employer's wages expense and wages payable ledgers
• D)only the employee's earnings and deductions

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Definitions:

Days in Inventory

A financial metric that calculates the average number of days a company holds inventory before it is sold.

Consigned Goods

Items that are given to a third party to sell but remain the property of the seller until sold.

Net Income

The total earnings of a company after subtracting all expenses, taxes, and losses from its total revenues, indicating its profitability.

Purchase Returns

Goods returned by the purchaser to the supplier due to defects, excess supply, or other reasons, often resulting in a refund or credit.