Assuming That a Payroll Bank Account Is Used, When the Payroll

question 95

True/False

Assuming that a payroll bank account is used, when the payroll is initially recorded, Salaries Payable is credited for total take-home pay.

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Definitions:

Opportunity Cost

The value of the next best alternative foregone as the result of making a decision.

Social Security Trust Fund

A governmental fund that collects payroll taxes to provide retirement, disability, and survivors' benefits.

Federal Government

The national government of a federation, responsible for national affairs, distinct from state or local governments.

Bonds

Fixed-income securities that represent loans made by investors to borrowers, typically corporate or governmental, which pay interest over a defined period and return the principal at maturity.