Debit Wages Control Account, Credit PAYE and NIC Control Account

question 59

True/False

Debit wages control account, Credit PAYE and NIC control account is the double entry required to record employer's NIC.

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Definitions:

Usage of Trade

Established customs and practices in a particular industry that are considered binding or enforceable in business transactions.

Express Terms

Specific provisions or conditions explicitly stated in a contractual agreement.

Wholly Integrated

Completely and seamlessly combined or unified into a whole, leaving no element disconnected or separate.

Specially Made

Refers to goods that are custom-made to the specifications of a particular buyer, often not suitable for sale to others in the ordinary course of the seller's business.