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ACC-Chapter 11

QuestionAnswer
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
Created by: JJACCOUNTING