BUSINESS ADMINISTRATION
PRINCIPLES AND PRACTICE OF MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the number of sick days an employee has available
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the employee’s job title
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the amount of deductions for the current pay period
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all of the above
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Detailed explanation-1: -The income statement presents revenue, expenses, and net income. The components of the income statement include: revenue; cost of sales; sales, general, and administrative expenses; other operating expenses; non-operating income and expenses; gains and losses; non-recurring items; net income; and EPS.
Detailed explanation-2: -Gross pay is what employees earn before taxes, benefits and other payroll deductions are withheld from their wages. The amount remaining after all withholdings are accounted for is net pay or take-home pay.
Detailed explanation-3: -Gross pay is an individual’s total earnings throughout a given period before any deductions are made. Deductions such as mandated taxes and Medicare contributions, as well as deductions made for company health insurance or retirement funds, are not accounted for when gross pay is calculated.
Detailed explanation-4: -Generally Acceptable Accounting Principles (GAAP) requires income and expenses to be recorded when they are incurred (rather than when they are actually paid).