When There Are a Large Number of Individual Accounts with a Common

question 84

Multiple Choice

When there are a large number of individual accounts with a common characteristic, it is common to place them in a separate ledger called a(n)

• A) General ledger
• B) Income Statement Ledger
• C) Group Ledger
• D) Subsidiary Ledger

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Definitions:

Unemployment Taxes

Taxes paid by employers to fund unemployment insurance programs, aiding workers who have lost their jobs.

Salaries Payable

An account containing the total amount of salary expense that has been incurred by a company but has not yet been paid out to employees.

Employer Payroll Tax Expense

Taxes paid by employers based on the salary and wages of employees, including social security and Medicare taxes in the United States, among others.

Social Security Tax

Social Security Tax is a payroll tax collected by employers and employees in the United States to fund the Social Security program, providing benefits for retirees, disabled individuals, and survivors.