Module 5: Payroll Accounting Flashcards

1
Q

True or False: Businesses are legally required to pay earnings as specified in an employment contract

A

True

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2
Q

True or False: Employment contracts/matters are enforced by the Labor Code and regulated by DOLE

A

True

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3
Q

What is the compensation to employees on a daily/hourly basis?

A

Wages

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4
Q

What is the compensation to employees on a fixed monthly basis?

A

Salary

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5
Q

This is performed by businesses to pay wages and salaries on a daily, weekly, bi-monthly, or monthly basis.

A

Payroll Accounting

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6
Q

This pertains to the gross pay or earnings of an employee.

A

Basic Pay

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7
Q

This pertains to the deduction from an employee’s basic pay or taxable earnings.

A

Withholding Taxes Payable

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8
Q

This is the difference between basic pay and total deductions; take-home pay.

A

Net Pay

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9
Q

Payroll information of all employees for the pay period containing their name, basic pay, deductions, and net pay,

A

Payroll Sheet

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10
Q

Payroll information of a particular employee for the pay period

A

Pay Slip

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11
Q

Types of Basic Pay Deductions

A

Social Security System - employee share (SSS Premiums Payable)
- employer share (SSS Premiums Expense)

PAG-IBIG or Home Development Fund: employee share (PAG-IBIG Contributions Payable)
- employer share (PAG-IBIG Contributions Expense)

Philhealth: employee share (Philhealth Contributions Payable)
- employer share (Philhealth Contribution Expense)

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