BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a company’s regular checking account
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a special payroll checking account
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a special purposes account
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an employee earnings account
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Detailed explanation-1: -Definition: A payroll bank account is a separate checking account that businesses use exclusively to pay employees their payroll checks. Payroll is such a large component of some businesses that it’s easier and more secure to use a separate checking account for payroll instead of the main operating account.
Detailed explanation-2: -Payroll Check Payroll checks are the checks employers use to pay their employees. Payroll checks are issued for work performed during a given pay period. Checks are typically remitted to employees as physical checks or electronic deposits into employees’ bank accounts.
Detailed explanation-3: -A payroll register is tool that records wage payment information about each employee – gross pay, deductions, tax withholding, net pay and other payroll-related information – for each pay period and pay date.