Multiple Choice
The procedure for a payroll accrual requires identifying the portion of the payroll that falls after the payday but within the accounting period, and:
A) paying employees that amount.
B) recording the amount as an unusual cost.
C) providing for both the expense and the liability for the unpaid payroll with an accrual entry when the books a closed.
D) preparing a supporting note on the financial statement as to the amount of the unpaid payroll.
Correct Answer:
Verified
Correct Answer:
Verified
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