Proper Payroll Accounting Methods Are Important for a Business for All

question 65

Multiple Choice

Proper payroll accounting methods are important for a business for all the reasons below except

• A) good employee morale requires timely and accurate payroll payments.
• B) payroll is subject to various federal and state regulations.
• C) to help a business with cash flow problems by delayed payments of payroll taxes to federal and state agencies.
• D) payroll and related payroll taxes have a significant effect on the net income of most businesses.

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Definitions:

Bank Reconciliation

Bank reconciliation is a process that matches the balance on a company’s books to the corresponding amount on its bank statement, confirming that figures are correct and in agreement.

Accounting Records

Financial documents and files that systematically record all monetary transactions of an entity.

Cash Account

An account that records all transactions involving cash inflows and outflows.

QBO Check Register

A feature in QuickBooks Online that allows users to view and manage all transactions from a checking account, similar to a traditional checkbook register but in a digital format.