Which of the Following Statements Is Not True

question 77

Multiple Choice

Which of the following statements is not true?

• A)Routine payroll processing begins with the submission of time cards.
• B)Payroll clerks must verify the hours reported on the time cards.
• C)Payroll reconciles personnel action forms with time cards and prepares paychecks.
• D)Cash disbursements signs paychecks and forwards them to the paymaster for distribution.

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Definitions:

Short-term Capital Gain

A profit from the sale of an asset held for one year or less, taxed as ordinary income.

Long-term Capital Loss

A loss realized from the sale of a capital asset held for more than one year, which can offset capital gains and reduce taxable income.

Recognized Gains

Profits from the sale of an asset that are realized and subject to capital gains tax.

Tax Bracket

A range of income subject to a particular income tax rate. Tax systems often have several brackets, with individuals paying a higher rate as their income increases.