Bilal, a sole proprietor received RO 500 on 1st November 2020 for providing services for 5 months. What is the revenue and unearned revenue at the end of the accounting year? (31st December) a. RO 300 and RO 200 b. RO 200 and RO 300 c. RO 500 and RO 100 d. RO 100 and RO 500

Bilal, a sole proprietor received RO 500 on 1st November 2020 for providing services for 5 months. What is the revenue and unearned revenue at the end of the accounting year? (31st December) a. RO 300 and RO 200 b. RO 200 and RO 300 c. RO 500 and RO 100 d. RO 100 and RO 500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

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