A special bank account used solely for the purpose of paying employees is created by depositing the amount of each employees' net pay into the account every pay period.This account is referred to as a(n):
A)Federal depository bank account.
B)Employee's individual earnings account.
C)Employees' bank account.
D)Payroll register account.
E)Payroll bank account.

Question

Quizplus · Accepted Answer

This type of account is commonly known as a payroll bank account or a separate payroll account, which is used solely for the purpose of paying employees. It is separate from the company's general bank account and is used to deposit net pay for each employee every pay period.

A Special Bank Account Used Solely for the Purpose of Paying