A Difference Between an Imprest Payroll Account and Petty Cash

question 52

Multiple Choice

A difference between an imprest payroll account and petty cash is petty cash is:

• A)not held at the bank.
• B)a special account at the company's bank.
• C)used for payroll.
• D)better controlled.

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Definitions:

Pension Expense

The cost recognized by an employer for maintaining a defined benefit retirement plan for its employees.

Service Cost

The portion of the pension expense that is attributed to the current year's service, representing the present value of benefits earned by employees during the year.

Pension Trustee

An individual or organization that holds and manages the assets of a pension fund on behalf of its beneficiaries.

Pension Plan

A retirement plan offered by an employer, providing financial benefits to employees upon retirement.