What do you understand by Variance Report in payroll?

Correct Answer: Actuary

Explanation:

Actuary is the term which is not used in banking sector.

Correct Answer: Customer deposits

Explanation:

A commercial bank is a financial body which performs the functions of accepting deposits from the general public and giving short term loans for investment with the aim of earning profit.

Correct Answer: Repo Rate is the rate at which the commercial banks borrows money from the central bank of a country ie, RBI in India Reverse Repo Rate is the rate at which the central bank of a country, in case of India it is RBI borrows money from the commercial banks in the country

Correct Answer: CTRL + Q

Correct Answer: Liabilities

Correct Answer: Gratuity is paid to all such employees after their resignation or retirementIncase of resignation gratuity is paid to such employees who have completed 5 years of service Calculation of gratuity = Basic + DA x (15/26) x Total no yrs service 15- Half month 26- Excluding 4 sundays

Correct Answer: Payroll reports gives information about the total 'cost to Company' for the Employee Salary, Benefits (Cash and Non-Cash), Taxes, Total Hours worked All these information is helpful for the Management decisions

Correct Answer: It is a process that recaculates the amount to pay an employess in the current period to account for retrospective changes that occurred in previous payroll periods

Correct Answer: Excess payment to supplier is treated as Advance paid to supplier This will show as debit balance in supplier account Supplier can send the payment by way of cheque / demand draft without adjusting in his subsequent bills

Correct Answer: Debenture holder are those who provides long term loan at specific interest rate in term of cash and creditor provides only short term credit in term of cash for purchasing of goods