What Are the Three Major Functions Through Which Every Business

question 48

Short Answer

What are the three major functions through which every business is managed?

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Definitions:

Payroll Checking

A dedicated bank account used by businesses specifically for managing and issuing payroll to employees.

Contra-Asset

An account on the balance sheet that reduces the value of an associated asset, such as accumulated depreciation.

Payroll Taxes

Fees applied to employers and employees, typically based on a percentage of the salaries paid by employers to their employees.

Employer's Portion

The part of payroll taxes and benefits expenses that an employer is responsible for, as opposed to the portion paid by employees.