What are the two major types of transactions that occur in the payroll system? What financial statement accounts are affected by each of these types of transactions?

Accrued payroll liability transactions: It includes all the accrual and payment of payroll liabilities arising from the services of the employees including the liabilities, social security tax, and unemployment tax
The payroll transactions of a company affect the following financial statement accounts: cash account, various accruals such as taxes related to payroll, pension cost, and more