GAAP
What does it stand for
General Accepted Accounting Principle
What is payroll
Payroll is the process of paying employees for their work. This includes calculating wages, salaries, and any other forms of compensation, as well as withholding taxes and deductions.
What is bank reconciliation:
A document that compares the cash balance in a company's accounting records to the cash balance on its bank statement.
1+1
2
Purpose of GAAP
to establish a standardized framework for financial reporting that ensures consistency, comparability, and transparency in the presentation of financial information.
What is the current rate for Medicare
1.45%
What is the goal of bank reconciliation
Make sure the Bank's record and Company's record are equal.
How many week of school we have before Winter break
3
What are the three main components of GAAP?
Conceptual Framework, Accounting Standards Codification (ASC) and Interpretations and Statements of Position (SOPs).
What is the FICA Tax rate
employee and employer pay 7.65% of their income, total FICA conribution of 15.3%
Do you need to follow GAAP rule when doing Bank Reconciliation?
Yes
50sin50
38.3022
How does GAAP benefic compacny
Create accounting standards to help the company financial consistancy. Disclosure rule that can build trust among investors and other stakeholders and safeguards investors and creditors.
What are the two main methods of payroll processing
Manual payroll and automated payroll
What affect how often company do bank reconciliation
Companies that have a lot of cash transactions should reconcile their bank accounts more frequently.
What is the speed of light
299 792 458 m / s
How does GAAP impact the financial statements of a company?
determine which items qualify as assets and liabilities.guidelines for measuring the value of assets, liabilities, equity, revenue,expenses and mandates the disclosure of specific financial information in the financial statements and notes.
What are the 4 legal requirements for payroll?
Minimum wage laws,Overtime pay laws,Tax withholding laws and Recordkeeping requirements
Why is Bank reconcilliation important
It helps to identify and correct errors in accounting records, helps to prevent fraud and ensures that a company's financial statements are accurate.
a short baguette with thin, crisp crust and a soft, airy texture.