Setting Up for Payroll Remittances Does Not Include -

question 29

Multiple Choice

Setting up for payroll remittances does not include -

• A)linking each deduction to a supplier/payroll authority
• B)entering an opening balance for each supplier/payroll authority
• C)identifying suppliers as payroll authorities in the supplier ledger records
• D)all of the above are steps in setting up payroll remittances

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Definitions:

General Journal

A primary accounting record used for recording all types of transactions and events, ensuring every financial activity is documented.

Special Journal

A financial journal designed for recording a specific type of transaction in a more efficient manner.

Accrual Basis

An accounting method where revenues and expenses are recorded when they are earned or incurred, regardless of when the cash transaction occurs.

Cash Basis

An accounting method where revenues and expenses are recorded only when cash is received or paid out, regardless of when the transactions occurred.