If There Is a Credit Balance in the Payroll Payable

question 65

Multiple Choice

If there is a credit balance in the Payroll Payable at the end of the accounting period,it represents

• A)the amount by which applied payroll was greater than actual payroll.
• B)the amount by which actual payroll was greater than applied payroll.
• C)labor costs which have not been paid.
• D)an amount that should be charged to Cost of Goods Sold.

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Definitions:

Mediation

A dispute resolution process involving a neutral third party who helps the conflicting parties reach a voluntary, mutually acceptable agreement.

Arbitration

A method of dispute resolution where a neutral third party, called an arbitrator, makes a binding decision to settle a dispute.

Judicial Review

The process by which a court examines the actions of public sector bodies to ensure they are lawful and constitutional.

Appeal

The process of challenging a decision in a higher court or authority in hopes of overturning or modifying the original decision.