An Important Reconciliation in the Payroll System Is

question 50

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 compares 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:

External Auditors

Independent professionals who examine the financial statements of an organization to ensure accuracy and compliance with accounting standards.

Financial Records

Documentation of a company or individual's financial status or transactions, vital for accurate financial analysis and reporting.

Social Responsibility

The obligation of organizations to act in ways that have a positive impact on society, including ethical, environmental, and social considerations.

Taxable Income

The amount of income that is subject to taxation, after all deductions and exemptions have been applied.