payroll
what is payroll
the compensation a business must pay to its employees for a set period or on a given date.
What does gaap stand for.
generally accepted accounting principles
what is bank reconciliation
a document that compares the cash balance on a company's balance sheet to the corresponding amount on its bank statement.
main character in super mario
mario
best person to process payroll
a payroll service or an accountant
what is gaap
accounting standard adopted by the U.S. Securities and Exchange Commission
who prepares the bank reconciliation
Bank reconciliation accounting is performed by the accounts payable department.
who is lightning mcqueen sponsored by
Rust-eze Medicated Bumper Ointment
what happens when an employer doesn't make payroll
they get fines and penalities
what is the main purpose of gaap
improve the clarity, consistency, and comparability of the communication of financial information
what are the 4 steps in the bank reconciliation
who is spongebob's best friends
patric star
what does payroll system do
paying employees, depositing employment taxes and maintaining records of the transactions.
What are the 4 basic principles of gaap
cost, revenue, matching and disclosure
main purpose of the bank reconciliation
ensures that all transactions that have gone through the bank statements have been reviewed and checked
mcqueen best friend
Mater
what is involved in payroll
calculating total wage earnings, withholding deductions, filing payroll taxes and delivering payment.
Do private companies have to follow gaap
Private companies are NOT required to follow GAAP because they generally keep financial information for tax purposes only. However, it doesn't hurt to follow the accounting principles if you're a private company and plan on providing financial statements to people outside of your business.
how often should a bank reconciliation be done
Ideally, you should reconcile your bank account each time you receive a statement from your bank. This is often done at the end of every month, weekly and even at the end of each day by businesses that have a large number of transactions
who was the villian in disney cars
Chick "Thunder" Hicks