A List of the Accounts Used by a Business Is

question 36

Multiple Choice

A list of the accounts used by a business is called the

• A) journal
• B) chart of accounts
• C) T chart
• D) debit listing

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Definitions:

Gross Wages

The total amount of money earned by an employee before any deductions or taxes are applied.

Salaries And Wages Expense

The total amount recorded by a business for the compensation of employees, including both salaries and hourly wages.

Monthly Payroll

The total of all compensation that a business must pay to its employees for a set month, including wages, salaries, bonuses, and deductions.

FICA Taxes Withheld

The portion of social security and Medicare taxes that employers deduct from employees' wages and salaries.