Which balance sheet accounts are included in the payroll and personnel cycle?
A) cash in bank, accrued payroll, trade accounts receivable
B) accrued payroll, notes payable, and deferred tax
C) accrued payroll, cash in bank, and accrued payroll taxes
D) salaries and commissions, cash in bank, accrued payroll taxes

Question

Quizplus · Accepted Answer

The accounts that are included in the payroll and personnel cycle are accrued payroll, cash in bank, and accrued payroll taxes. Salaries and commissions relate to expenses incurred in the period and are not classified as balance sheet accounts. Notes payable and deferred tax are liabilities that are not related to payroll and personnel. Trade accounts receivable are accounts related to sales and are not included in the payroll and personnel cycle.

Which Balance Sheet Accounts Are Included in the Payroll and Personnel