Payroll
Payroll refers to the total amount a company pays its employees, including wages, bonuses, taxes, and benefits. Payroll accounting involves calculating gross pay, withholding taxes, and remitting payments to tax authorities. Accurate payroll ensures compliance, employee satisfaction, and proper recording of compensation expenses in financial reports.
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Prepaid Interest
Prepaid interest is interest paid before it's due, often at the beginning of a loan term. It's initially recorded as…
Prepaid Income
Also known as unearned income, prepaid income is money received before delivering goods or services. It’s recorded as a liability…
Prepaid Expense
Prepaid expenses are advance payments for goods or services to be received in future periods. Common examples include prepaid rent…
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