An Important Reconciliation in the Payroll System Is

question 43

Multiple Choice

An important reconciliation in the payroll system is

• A)general ledger compares the labor distribution summary from cost accounting to the disbursement voucher from accounts payable
• B)personnel compare the number of employees authorized to receive a paycheck to the number of paychecks prepared
• C)production compares the number of hours reported on job tickets to the number of hours reported on time cards
• D)payroll compares the labor distribution summary to the hours reported on time cards

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Definitions:

Recording Process

The systematic method of capturing and documenting financial transactions and events in the accounting records of an organization.

Trial Balance

A bookkeeping worksheet listing the balance of all ledgers in two columns, debits and credits, used to ensure that the sum of debits equals the sum of credits.

Journal

A comprehensive listing documenting all monetary transactions of a company, first noted before being moved to the general ledger accounts.

Ledger Accounts

Individual financial records within the ledger that capture all transactions related to a specific asset, liability, equity, revenue, or expense.