You are interviewing for a position with Limelight Photography. The president of the company, Emma Jankiewicz, asks you to explain how payroll is both an expense and a liability of the company. How will you answer her?
What will be an ideal response?
Until the withholdings for taxes and voluntary deductions are paid to their respective parties, the amounts are considered liabilities to the company because the funds must still be paid out. Likewise, when payroll is earned by the employees but the checks will not be issued until a future date, the liability for wages payable would exist. When the costs associated with the payroll are incurred, under accrual accounting, the original expenses are recorded.
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Creating a traditional paper résumé is
A) unnecessary in most cases, since so many applicants apply for jobs online. B) helpful only if you are applying for old-fashioned jobs. C) still useful, even if most or all of your application efforts take place online. D) a hindrance for most job seekers, since it suggests they are out of touch with technology. E) unnecessary if the résumé is scannable.
Which of the following is a step in the preparation of a production cost report?
A) assignment of costs to units completed and units in process B) summarization of the flow of physical units to the suppliers C) computation of expected units of production D) computation of amount of materials required for production
Which of the following is not one of the elements used to define American cultural and business context?
a. cultural looseness b. individualism c. isolationism d. universalism
An external issue to be considered when setting a price is
a. the quality of materials and labor. b. total demand for the product or service. c. usage of scarce resources. d. the variable costs of the product or service.