Most Payroll Systems for Mid-Size Firms Use Real-Time Data Processing

question 83

True/False

Most payroll systems for mid-size firms use real-time data processing.

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Definitions:

Accounts Payable

Liabilities or amounts owed by a business to its creditors or suppliers for goods or services that have been received but not yet paid for.

T Account

The simplest form of an account, which consists of an account title, a debit side, and a credit side.

Debit

An accounting entry that increases an asset or expense account, or decreases a liability or equity account. It is positioned on the left side in accounting records.

Credit

Credit refers to the trust which allows one party to provide resources (money, goods, services) to another party wherein the second party does not reimburse the first party immediately but promises to return or repay those resources (with or without interest) at a later date.