Ch 8: Payroll Accounting Overview

About This Chapter

We can help you prepare for an upcoming test that covers the basics of payroll accounting. Boost your knowledge of reversals, financial statements and more by reviewing entertaining lessons and taking multiple-choice quizzes.

Payroll Accounting Overview - Chapter Summary

This comprehensive overview can ensure you have a well-rounded understanding of payroll accounting. Whether you know a little or a lot about this subject, fun lessons can help you gain full comprehension. Study topics that include double-entry accounting, the fundamental principles of accounting and periodic reporting. When you're finished with this chapter, you will be able to:

  • Share the purpose of financial statements and explain how to prepare them
  • Recognize examples of a general ledger
  • Differentiate between temporary and permanent accounts
  • Define the time period principle
  • Explain how using accrual accounting can make financial statements more useful
  • Discuss the implications of reversals in accounting
  • Describe substantive procedures in accounting
  • Detail the relationship between payroll journal entries, financial statements and balance sheets

Feel free to review any lessons in this chapter in your sequence of choice and visit them as often as you'd like. Use our multiple-choice quizzes to test your comprehension of the lessons you study. To check your overall understanding of payroll accounting, be sure to take our practice chapter exam. Our Dashboard tracks your progress through this chapter and lets you submit lesson topic questions to our experts with ease.

11 Lessons in Chapter 8: Payroll Accounting Overview
Test your knowledge with a 30-question chapter practice test
The Fundamental Principles of Accounting

1. The Fundamental Principles of Accounting

Accounting is an art, but just as with any form of art, you need the right tools to make your masterpiece. For accounting, those tools are the seven major accounting principles. In this lesson, you will learn what those principles are and what they are used for.

What Are Financial Statements? - Definition, Purpose & Importance

2. What Are Financial Statements? - Definition, Purpose & Importance

Financial statements are big players in the world of accounting. In this lesson, you will be introduced to each of the financial statements. You will also learn what their role is in the accounting industry, who they are important to and why they are important.

What Is Double-Entry Accounting? - Basics & Examples

3. What Is Double-Entry Accounting? - Basics & Examples

Double-entry accounting is the method used by professional accountants and bookkeepers to maintain business (and even personal) financial records. The basis of the double-entry system is the accounting equation.

What Is a General Ledger? - Definition & Examples

4. What Is a General Ledger? - Definition & Examples

Accountants and bookkeepers record financial events in multiple documents in order to ensure the accuracy of the information. In this lesson, we will look at the general ledger and you can discover how to make entries into this ledger.

Temporary & Permanent Accounts: Definition & Differences

5. Temporary & Permanent Accounts: Definition & Differences

Accounts are classified in a variety of ways in accounting. In this lesson, you will learn about two types of account classifications: temporary and permanent accounts.

Periodic Reporting & the Time Period Principle

6. Periodic Reporting & the Time Period Principle

Time plays a very important role in accounting and financial reporting. In this lesson, you will learn why time is important as we discuss periodic reporting and the time period principle.

Using Accrual Accounting to Make Financial Statements More Useful

7. Using Accrual Accounting to Make Financial Statements More Useful

What is the relationship between the financial statements and accrual accounting? Do you know? By the time this lesson is over, you will not only know what the relationship is between the two but also why that relationship is important.

What are Reversals in Accounting? - Definition & Implications

8. What are Reversals in Accounting? - Definition & Implications

In this lesson, you will learn the definition and use of reversing entries in accounting. You will also learn when reversing entries are recorded and when they are required.

Substantive Procedures in Auditing: Definition & Explanation

9. Substantive Procedures in Auditing: Definition & Explanation

During an audit engagement, auditors are looking for evidence that supports their conclusions. To get this evidence, they perform substantive procedures. In this lesson, you'll learn what that means and learn some examples of substantive procedures.

Preparing Financial Statements

10. Preparing Financial Statements

Financial statements are the most sought after reports in the financial industry. In this lesson, you will learn how to prepare them using information found on the adjusted trial balance.

Payroll Journal Entries: Financial Statements & Balance Sheets

11. Payroll Journal Entries: Financial Statements & Balance Sheets

This lesson is about payroll accounting and the obligations of the employee and employer. You'll learn how to use payroll journal entries and incorporate numbers into financial statements, including income statements and balance sheets.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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