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ACCT FINAL
| Question | Answer |
|---|---|
| CREDITOR/LENDOR | GIVES OUT LOAN |
| DEBTOR/BORROWER | RECEIVES LOAN |
| LONG TERM LIABILITIES | BYOND 1YEAR |
| CURRENT LIABILITIES | PAID FROM CURRENT ASSETS.. LESS THAN 1YEAR |
| INSTALLMENTS | LONG TERM LIABILITIES PAID BACK IN PERIODIC PAYMENTS |
| JOURNALIZE NOTES PAYABLE FOR AN ACCNT PAYABLE | DEBIT ACCOUNTS PAYABLE.. CREDIT NOTES PAYABLE |
| JOURNALIZE NOTE MATURING/PAYING BACK NOTE FOR ACCNT PAYABLE | DEBIT NOTES PAYABLE.. DEBIT INTEREST EXPENSE.. CREDIT CASH |
| JOURNALIZE NOTES PAYABLE TO A BANK | DEBIT CASH.. CREDIT NOTES PAYABLE |
| JOURNALIZE NOTE MATURING/PAYING BACK NOTE TO BANK | DEBIT NOTES PAYABLE.. DEBIT INTEREST EXPENSE...CREIT CASH |
| DISCOUNTED NOTE | INTEREST EXPENSE IS RECORDED WHEN NOTE IS GIVEN, INSTEAD OF WHEN NOTE MATURES |
| PAYROLL | SUBJECT TO FED&STATE REGULATIONS.. PAYROLL AFFECTS COMPANY'S NET INCOME |
| SALARY | MONTHLY/YEARLY |
| WAGES | HOURLY/WEEKLY |
| FAIR LABOR STANDARDS ACT/FEDERAL WAGE&HOUR LAW | IF YOU WORK OVER 40 HOURS A WEEK YOU MUST BE PAID AT LEAST 1.5 TIMES THE RATE |
| GROSS PAY | TOTAL EARNINGS FOR AN EMPLOYEE INCLUDING OVERTIME |
| NET PAY | EARNINGS AFTER FEDERAL.STATE,LOCAL INCOME TAXES, MEDICAL INSURANCE, AND PENSION CONT. |
| W4 | EMPLOYEES WITHOLDING ALLOWANCE CERTIFICATE |
| FRINGE BENEFITS | DEBIT EXPENSES..CREDIT LIABILITIES |
| FICA TAX | SOCIAL SECURITY 6% MEDICARE 1.5% |
| FUTA TAX | FED. UNEMPLOYMENT COMPENSATION TAX. COLLECTED FROM EMPLOYER TO FED. GOV'T & GIVEN TO STATE PROGRAMS |
| SUTA | STATE UMEMPLOYMENT COMPENSATION TAX.. COLLECTED FROM EMPLOYER TO STATE GOVT |
| PAYROLL REGISTER | MULTICOLUMN REPORT USED FOR SUMMARIZING DATA FOR EACH PAYROLL PERIOD |
| EMPLOYEES EARNING RECORD | DETAILED PAYROLL RECORDS |
| DEFINED CONTRIBUTION PLAN | COMPANY INVESTS CONTRIBUTIONS ON BEHALF OF EMPLOYEE (401K) |
| WORKING CAPITAL | CURRENT ASSETS-CURRENT LIABILITES |
| CURRENT RATIO/QUICK RATIO | CURRENT ASSETS/CURRENT LIABILITES |
| QUICK ASSETS | EASILY CONVERTED TO CASH, TEMP INVESTMENTS, A/R |
| DEFINED BENEFIT PLAN | COMPANY PAYS EMPLOYEE FIXED ANNUAL PENSION BASED ON FORMULA. BETTER |
| 3 TYPES OF CURRENT LIABILITIES | ACCOUNTS PAYABLE, NOTES PAYABLE, CURRENT PORTION OF LONG TERM DEBT |
| FIXED ASSETS | LONG TERM/PERMANENT. PHYSICAL/TANGIBLE. USED NORMALLY BY COMPANY. NOT FOR SALE. |
| REV/ EXPENDITURES | COSTS THAT BENEFIT THE CURRENT PERIOD ONLY.. DEBIT IT AND CREDIT CASH |
| CAPITAL EXPENDITURES | OSTS THAT IMPROVE AN ASSET OR INCREASE THE ASSETS USEFUL LIFE |
| JOURNALIZE CAPITAL EXPENDITURE | DEBIT ACCUMULATED DEPRECIATION..CREDIT CASH |
| CONTINGENT LIABILITIES | POTENTIAL. |
| CURRENT POSITION ANALYSIS | HELPS CREDITS EVALUTATE A COMPANY'S ABILITY TO PAY ITS CURRENT LIABILITIES. BASED ON WORKING CAPITAL, CURRENT RATIO, QUICK RATIO. |
Created by:
mollypaprota
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