- 7 Marks
FA – Nov 2013 – L1 – SB – Q2b – Accounting Concepts
Explanation of payroll fields and formulae with examples.
Question
Payroll accounting packages process employees’ data and produce the net pay. In view of this, payroll fields and payroll formulae are very important in arriving at the net pay.
Explain the terms “payroll field” and “payroll formulae” and give any THREE examples in each case.
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