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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.