Which of the following statements is TRUE? O a) The adjusting entry to record the accrued vacation pay at the end of an accounting period includes credits to the tax withholding liability accounts. b) Since vacation time is paid when used, there is no need to accrue this time in a liability account at the end of each accounting period. c) Union Dues Payable is a liability account credited with the deductions made from union members' wages for their union dues. d) Posting to the general ledger for payroll entries is done only at the end of each calendar year.

Which of the following statements is TRUE? O a) The adjusting entry to record the accrued vacation pay at the end of an accounting period includes credits to the tax withholding liability accounts. b) Since vacation time is paid when used, there is no need to accrue this time in a liability account at the end of each accounting period. c) Union Dues Payable is a liability account credited with the deductions made from union members' wages for their union dues. d) Posting to the general ledger for payroll entries is done only at the end of each calendar year.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 31CE

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