Bookkeeping Controls Flashcards
1
Q
Full Cost of employing an employee / Wages expenses Calculation
A
Gross Pay + Employer Contribution (Employer National Insurance and Employer Pension)
2
Q
Gross Pay Calculation
A
Net Pay + Income tax + Employees Contributions (Employees National Insurance/Pension)
3
Q
Net Pay Calculation
A
Gross Pay - income tax - employee contributions
4
Q
Amount owed to HMRC Calculation
A
All National Insurance (Employer + Employee) + income tax
5
Q
Different types of payments
A
- Bacs
- Credit Card
- Chaps
- Cash
- Standing Order
- Direct Debit
- Cheque
- Debit Card
- Faster Payment
6
Q
What is a control account
A
A total account
A summarised total of all the individual transactions
