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ACC-Chapter 11
| Question | Answer |
|---|---|
| Bonus | Compensation to management and other personnel, based on factors such as increases 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 through no fault of their own |
| Fees | Payments made for the services of professionals |
| FICA Taxes | Taxes designed to proved 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 check that indicated 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 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 |
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JJACCOUNTING
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