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Terms in this set (20)

Describe why transactions in the payroll and personnel cycle are generally more significant than​payroll-related balance sheet accounts.
A. transactions for the payroll and personnel cycle are generally far more significant than for​payroll-related balance sheet accounts because entities​ don't pay payroll related expenses until​ year-end. Thus, liability accounts related to payroll and payroll related expenses represent amounts incurred throughout the entire year.
B. Transactions for the payroll and personnel cycle are generally far more significant than for​payroll-related balance sheet accounts because entities pay payroll related expenses throughout the year typically on a​ bi-weekly or monthly basis.​ Thus, liability accounts related to payroll generally only represent amounts associated with the last pay​ period, while payroll related expenses represent amounts incurred throughout the entire year.
C. Transactions for the payroll and personnel cycle actually carry the same significance as​payroll-related balance sheet accounts. Entities pay payroll related expenses and the associated liabilities throughout the year typically on a​ bi-weekly or monthly basis.
D. Transactions for the payroll and personnel cycle are generally far more significant than for​payroll-related balance sheet accounts because entities pay payroll related expenses throughout the year typically on a​ bi-weekly or monthly basis.​ Thus, liability accounts related to payroll generally represent amounts associated with the entire​ year, while payroll related expenses represent amounts incurred throughout the last pay period.