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Describe how a special payroll bank account is useful in paying the wages and salaries of employees.
College Accounting (Book Only): A ...
Solutions
College Accounting (Book Only): A ...
Describe how a special payroll bank account is useful in paying the wages and salaries of employees.
Specify the manner by which the special payroll bank account is useful in paying the wages and salaries of employees.
Explanation of Solution
Payroll:
Payroll refers to the total amount that is required to be paid by the company to its employees during a week, month or other period. It is the financial record of the wages and bonus, net pay, salary and deductions of a company’s employees.
- When there are a large number of employees the firm opens a special payroll bank account with its bank...
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