Explain Benefits to Companies and to Employees Using Electronic Direct

question 33

Essay

Explain benefits to companies and to employees using electronic direct deposit for payroll.

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Definitions:

Provision for Loss

An amount set aside in the accounting records to cover anticipated losses or liabilities.

U.S. GAAP

United States Generally Accepted Accounting Principles, a set of accounting standards for preparing financial statements that companies in the U.S. are required to follow.

IASB

The International Accounting Standards Board (IASB) is responsible for developing and promoting the use of International Financial Reporting Standards (IFRS).

IFRS Foundation

The IFRS Foundation oversees the International Accounting Standards Board (IASB), which establishes International Financial Reporting Standards (IFRS).