Payroll register is a payroll record that accumulates the gross earnings, deductions, and net pay by employee for each pay period.
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- Unearned income
Income received though a part of it is not applicable to the current year but will be earned during the following year is called
- Extraordinary items
Extraordinary items are events and transactions that meet two conditions: They are (1) unusual in nature, and (2) infrequent in occurrence.
- Unlimited liability
Each partner is personally and individually liable for all partnership liabilities. Creditor’s claims attach first to partnership assets. If these are insufficient...
- Direct labor price standard
The direct labor price standard is the rate per hour that should be incurred for direct labor. This standard is based on current wage rates, adjusted for anticipated...
- Unearned revenues
Companies record cash received before revenue is earned by increasing a liability account called unearned revenues.
- Materials quantity variance
Materials quantity variance is the difference between the actual quantity times the standard price and the standard quantity times the standard price for materials.
An account is an accounting record of increases and decreases in a specific asset, liability, or owner’s equity item. In its simplest form, an account consists of ...