ACCRUED PAYROLL Definition

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ACCRUED PAYROLL is a liability arising from employees salary expense that has been incurred but not paid.

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INTEGRATED TEST FACILITY is where a fictitious unit, e.g., an employee or department, is established to where sample transactions are posted to the dummy unit during the normal processing cycle. If test transactions are processed correctly that provides evidence that transactions of other units are processed correctly as well.

REMARKETED PREFERRED STOCK is a preferred stock issues­-auction-rate preferred stock, e.g., where the dividend is set by a single marketing agent rather than through a Dutch Auction process.

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