Which type of accounting most commonly deals with recording and reporting fixed payment amounts, such as salaries, for each pay period?

• A. Tax accounting
• B. Managerial accounting
• C. Cost accounting
• D. Payroll accounting

Answer: (D)

Verified step by step guidance

1. Understand the question: The problem is asking about the type of accounting that deals with recording and reporting fixed payment amounts, such as salaries, for each pay period.
2. Identify the key term: Fixed payment amounts, such as salaries, are typically associated with employee compensation and payroll processes.
3. Review the options: Tax accounting focuses on tax compliance and reporting, managerial accounting deals with internal decision-making, and cost accounting focuses on cost analysis. Payroll accounting specifically handles employee compensation, including salaries and wages.
4. Match the concept: Payroll accounting is the branch of accounting that records and reports all payroll-related transactions, such as salaries, wages, deductions, and employer contributions.
5. Conclude: Based on the explanation, the correct answer is Payroll accounting, as it directly relates to the recording and reporting of fixed payment amounts like salaries.