Salary expenses are always credited in the general journal. True False
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- Which of the following defines outstanding salary account? [A] natural personal account [B] artificial personal account [C] representative personal account [D] real accountThe payment of wages to employees was not recorded in Joyce’s Enterprises books. What type of error is this? Error of Omission Error of Commission Error of Principle Reversal of EntriesOne of the staff members asks you to explain the difference between the terms gross and net on the paycheck. How do you respond?
- Question 1: What should an employer use to complete Form W-3? Answer: А. Employee earnings records В. O Payroll registers C. Form 1096 D. O Form W-2s Question 2: How is self-employment income calculated? Answer: А. O Self-employment income = Revenue В. Self-employment income = Revenue + Expenses С. Self-employment income = Revenue - Expenses D. Self-employment income = Expenses Question 3: A flexible spending account is a common type of Answer: А. cafeteria plan В. medical plan С. retirement plan D. mandatory deductionWhat is the difference between Wages Payable and Wages Expense? What statement do they appear on? What account are they on? Do they carry a DR or CR balance? Please provide the same for Salary ExpenseWhich is exempt from VAT? A. Salaries of rank and file employees B. Revenue from lawyering services C. Gross sales of merchandising businesses D. Answer is not given.
- Which of the following is nonbusiness transaction? a. Payment of advance salary to an employee just hired b. Setting up of chart of accounts c. Payment of rent in advance d. Receipt of electricity billIDENTIFY THE EFFECT OF THE FOLLOWING TRANSACTION TO THE RISK OF MATERIAL MISSTATEMENT TO FINANCIAL STATEMENTS. The employees of the company are being paid on a weekly basis. Does it have a: A. INCREASE effect B. DECREASE effect C. NO EFFECT effectWages refers to both pay and benefits. True false
- Who among the following uses accounting information to know the possible wage increments? a. Bankers Ob. Customers O c. Employees O d. OwnersYang Company recognized accrued salary expense. The recognition will affect which of the following financial statements?given; the initial recognition of the wages expenses and the payment of all payables. reqiured: Assume the payment of the payables did not take place. State the respective financial statements that each account should be classified under . please answer this question I need a help from you expect.