A Payroll Clearing Account Is a Separate Bank Account Used

question 71

True/False

A payroll clearing account is a separate bank account used solely for payroll purposes. Funds are transferred into the account to cover payroll checks to be issued.

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Definitions:

Price

The financial value anticipated, demanded, or provided as compensation for something.

Wage Rate

The amount of compensation an employee receives per hour of work.

Diamond Cutters

Skilled professionals who cut and shape diamonds to enhance their value and beauty.

Supply

The total amount of a product or service available for purchase at any given price, determined by factors like production capacity and market demand.