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accounting 2
accountijng
| Question | Answer |
|---|---|
| Income summary | A special owner’s equity account that is used only in the closing process to summarize the results of operations |
| Petty cash fund | A special-purpose fund used to handle payments involving small amounts of money |
| Promissory note | A written promise to pay a specified amount of money on a specific date |
| Bonding | The process by which employees are investigated by an insurance company that will insure the business against losses through employee theft or mishandling of funds |
| Federal unemployment taxes (FUTA) | Taxes levied by the federal government against employers to benefit unemployed workers |
| Independent contractor | One who is paid by a company to carry out a specific task or job but is not under the direct supervision or control of the company |
| Social security (FICA or OASDI) tax | A tax imposed by the Federal Insurance Contributions Act and collected on employee earnings to provide retirement and disability benefits |
| Social Security Act | A federal act providing certain benefits for employees and their families |
| State unemployment taxes (SUTA) | Taxes levied by a state government against employers to benefit unemployed workers |
| Time and a half | Rate of pay for an employee’s work in excess of 40 hours a Week |
| Revenue | An inflow of money or other assets that results from the sales of goods or services or from the use of money or property |
| Trial balance | A statement to test the accuracy of total debits and credits after transactions have been recorded |
| GAAP | Accounting standards developed and applied by professional accountants |
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