Who Does the Payroll System Issue Checks To

question 27

Multiple Choice

Who does the payroll system issue checks to?

• A)Employees and to banks participating in direct deposit.
• B)The company's payroll bank account.
• C)Insurance companies.
• D)All of the above are correct.

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Definitions:

Financial Accounting Standards Board

An independent organization responsible for establishing and improving financial accounting standards in the United States.

Economic Entity Assumption

A fundamental principle in accounting that separates the transactions of a business from those of its owners or other businesses.

Sole Proprietorship

A business structure owned by a single individual, where the owner is personally responsible for all financial obligations and liabilities.

Personal Economic Events

This refers to financial transactions and activities that directly affect an individual's economic situation, such as income, expenditures, savings, and investments.