How higher management in an organization gets benefited by payroll reports?

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: Variance Report is to know what is the difference between last month salary and the current month salary you can also check in that report all input which you have considered its captured or not

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: 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

Correct Answer: It is the allowance paid to an employee who is working on a special assignment This amount is completely exclusive of his Compensation plan These are given in scenerio's like, when the employee went for On Job Training or an Employee sent for short term Deputation to survive his expenses in the new location

Correct Answer: A mischarge correction is when the wrong account line was used or the wrong amount was entered The account that was wrongly charged needs to be credited and the correct account needs to be debited The information needs to be recorded and duly noted for your office and for the main office A journal voucher, showing the correction, should be completed as soon as possible The accountswill not balance at the end of the fiscal year if these corrections are not properly made