After the Payroll Total Has Been Agreed Upon, Often a Separate

question 72

Multiple Choice

After the payroll total has been agreed upon, often a separate bank account is set up to pay the amount. This account is referred to as:

• A) a cashiered account.
• B) a completed transaction account.
• C) a voided cheque account.
• D) an imprest payroll account.

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Definitions:

Equipment

Tangible property used in operations, such as machinery and office equipment, which is not intended for sale.

Bond Payable

A long-term liability account that represents a promise to pay a series of payments over time and repay the principal amount at maturity.

Bondholder

An investor or entity that owns bonds issued by corporations or governments, entitling them to receive the bond's face value at maturity, as well as periodic interest payments.

Evidence

Information or documentation used to support or verify entries in the accounting records or financial statements.