When Determining Adjusting Entries That May Be Needed

question 121

Multiple Choice

When determining adjusting entries that may be needed:

• A) there can be deferral adjustments for assets.
• B) there can be deferral adjustments for liabilities.
• C) there can be accrual adjustments for revenues.
• D) all of the above.

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Definitions:

Payroll

The total amount paid to employees for services rendered during a specific period, including wages, salaries, bonuses, and deductions.

Individual Employee Earnings Record

An accounting document that summarizes the total amount of wages paid and the deductions for the calendar year. It aids in preparing governmental reports. A new record is prepared for each employee each year.

Payroll Register

A document that records the payment details of employees, including wages, deductions, and net pay for each pay period.

Payroll Register

A document that summarizes the earnings, deductions, and net pay of all employees for a specific payroll period.