Save
Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't know
Remaining cards (0)
Know
0:00
share
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Prin. Acct. Ch. 11

Current Liabilities and Payroll Accounting

QuestionAnswer
Bonus Compensation to management and other personnel, based on factors such as increased sales or the amount of net income.
Contingent Liability A potential liability that may become an actual liability in the future.
Current Ratio A measure of a company's liquidity; computed as current assets divided by current liabilities.
Employee Earnings Record A cumulative record of each employee's gross earnings, deductions, and net pay during the year.
Federal Unemployment Taxes Taxes imposed on the employer by the federal government that provide benefits for a limited time period to employees who lose their jobs.
Fees payments made for the services of professionals.
FICA Taxes Taxes designed to provide workers with supplemental retirement, employment disability, and medical benefits.
Full-Disclosure Principle Requires that companies disclose all circumstances and events that would make a difference to financial statement users.
Gross Earnings Total compensation earned by an employee.
Net Pay Gross earnings less payroll deductions.
Notes Payable Obligations in the form of written promissory notes.
Payroll Deductions Deductions from gross earnings to determine the amount of a paycheck.
Payroll Register A payroll record that accumulates the gross earnings, deductions, and net pay by employee for each pay period.
Salaries Employee pay based on a fixed amount rather than an hourly rate.
Statement of Earnings A document attached to a paycheck that indicates the employee's gross earnings, payroll deductions, and net pay.
State Unemployment Taxes Taxes imposed on the employer by states that provide benefits to employees who lose their jobs.
Wage and Tax Statement Form (Form W-2) A form showing gross earnings, FICA taxes withheld, and income taxes withheld, prepared annually by an employer for each employee.
Wages Amounts paid to employees based on a rate per hour or on a piece-work basis.
Working Capital A measure of a company's liquidity; computed as current assets minus current liabilities.
Pension Plan An agreement whereby an employer provides benefits to employees after they retire.
Post-Retirement Benefits Payments by employers to retired employees for health care, life insurance, and pensions.
 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards