Match each of the following terms with the appropriate definitions.
-A special bank account used solely for paying employees; each pay period an amount equal to the total employees' net pay is deposited and the employees' payroll checks are drawn on that account.
A)Short-term note payable
B)Deferred income tax liability
C)Current liabilities
D)Warranty
E)Employee benefits
F)Federal depository bank
G)Payroll register
H)Gross pay
I)Payroll bank account
J)Times interest earned

Question

Quizplus · Accepted Answer

A payroll bank account is specifically set up by a business to manage the process of paying employees. Each pay period, the total net pay for all employees is deposited into this account, and then payroll checks or direct deposits are issued from it to the employees. This system helps in segregating payroll transactions from other business transactions, making it easier to manage and track payroll expenses.

Match Each of the Following Terms with the Appropriate Definitions