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VYC1 Principles of Accounting WGU

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Term
Definition
accounting   show
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show a process designed to accumulate, classify, and summarize financial data  
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auditing   show
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auditor's report   show
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show an independent accountant who provides accounting services to the public for a fee  
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corporation   show
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show one to whom money is owed  
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discussion memorandum   show
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economic entity   show
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entity   show
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exposure draft   show
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show periodic reports of a firm's financial position or operating results  
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show accounting standards developed and applied by professional accountants  
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governmental accounting   show
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international accounting   show
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management advisory services   show
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show accounting work carried on by an accountant employed by a single business in industry  
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show a business entity owned by two or more people who are legally responsible for the debts and taxes of the business  
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show members of firms that perform accounting services for other companies  
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show the concept of keeping a firm's financial records separate from the owner's personal financial records  
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show a nonprofit organization, such as a city, public school, or public hospital  
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sole proprietorship   show
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Statements of Financial Accounting Standards   show
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stock   show
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stockholders   show
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tax accounting   show
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account payable   show
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show claims for future collection from customers  
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show property owned by a business  
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balance sheet   show
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show a point at which revenue equals expenses  
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business transaction   show
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capital   show
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show an owner's financial interest in a business  
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expense   show
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show the current worth of an asset or the price the asset would bring if sold on the open market  
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show the relationship between assets and liabilities plus owner's equity  
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show a formal report of business operations covering a specific period of time;  
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liabilities   show
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show the results of an excess of revenue over expenses  
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net loss   show
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show an arrangement to allow payment at a later date  
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owner's equity / proprietorship / net worth   show
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revenue / income   show
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show a formal report of changes that occurred in the owner's financial interest during a reporting period  
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withdrawals   show
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account balance   show
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show written records of the assets, liabilities, and owner's equity of a business  
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chart of accounts   show
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show a means of identifying each account as an asset, liability, or owner's equity  
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credit   show
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show an entry on the left side of an account  
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double-entry system   show
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drawing account   show
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footing   show
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normal balance   show
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show an account that is kept open from one accounting period to the next  
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slide   show
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T account   show
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temporary account   show
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show an accounting error involving misplaced digits in an error  
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show a statement to test the accuracy of total debits and credits after transactions have been recorded  
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show a series of steps performed during each accounting period to classify, record, and summarize data for a business and to produce needed financial information  
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audit trail   show
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balance ledger form   show
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chronological order   show
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compound entry   show
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show a journal entry made to correct an erroneous entry  
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general journal   show
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general ledger   show
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journal   show
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journalizing   show
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ledger   show
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posting   show
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account form balance sheet   show
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show journal entries made to update accounts for items that were not recorded during the accounting period  
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book value   show
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contra account   show
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show an asset account with a credit balance, which is contrary to the normal balance of an asset account  
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depreciation   show
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show expense items acquired, recorded,and paid for in advance of their use  
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show a balance sheet that lists the asset accounts first, followed by liabilities and owner's equity  
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show an estimate of the amount that could be received by selling or disposing of an asset at the end of its useful life  
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straight-line depreciation   show
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show a form used to gather all data needed at the end of an accounting period to prepare financial statements  
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closing entries   show
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income summary account   show
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show to understand and explain the meaning and importance of something (such as financial statements)  
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show a statement that is prepared to prove the equality of total debits and credits after the closing process is completed  
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show a subsidiary ledger that contains credit customer accounts  
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charge-account sales   show
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contra revenue account   show
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control account   show
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credit memorandum   show
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show a customer billing for merchandise bought on credit  
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list price   show
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show a business that sells goods that it has produced  
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merchandise inventory   show
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merchandising business   show
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show the list price less all trade discounts  
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show the difference between the balance in the Sales account and the balance in the Sales Returns and Allowances account  
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show a system that allows the sale of services or goods with the understanding that payment will be made at a later date  
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retail business   show
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show a reduction in the price originally charged to customers for goods or services  
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show a special journal used to record sales of merchandise on credit  
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sales return   show
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Sales Return and Allowances   show
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schedule of accounts receivable   show
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service business   show
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special journal   show
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subsidiary ledger   show
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trade discount   show
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wholesale business   show
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show a subsidiary ledger that contains a separate account for each creditor  
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cash discount   show
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cost of goods sold   show
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show an account showing transportation charges for items purchased  
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show a price reduction from the amount originally billed  
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show a bill received for goods purchased  
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show an order to the supplier of goods specifying items needed, quantity, price, and credit terms  
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purchase requisition   show
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show return of unsatisfactory goods  
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show an account used to record cost of goods bought for resale during a period  
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show a cash discount offered to the customer for payment within a specified period  
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show a special journal used to record the purchase of goods on credit  
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show a form showing quantity and condition of goods received  
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sales discount   show
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sales invoice   show
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schedule of accounts payable   show
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show see Freight In account  
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show a statement that accounts for all differences between the balance on the bank statement and the book balance of cash  
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blank endorsement   show
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show the process by which employees are investigated by an insurance company that will insure business against losses through employee theft or mishandling of funds  
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show a check paid by the bank on which it was drawn  
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show in accounting, currency, coins, checks, money orders, and funds on deposit in a bank  
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show a special journal used to record transactions involving the payment of cash  
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cash receipts journal   show
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cash register proof   show
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Cash Short or Over account   show
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show a written order signed by an authorized person instructing a bank to pay a specific sum of money to a designated person or business  
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show a form that explains any addition other than a deposit, to a checking account  
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debit memorandum   show
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deposit in transit   show
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show a form prepared to record the deposit of cash or checks to a bank account  
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show a check returned to the depositor unpaid because of insufficient funds in the drawer's account; also called an NSF check  
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show the bank on which a check is written  
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show the person or firm issuing a check  
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electronic funds transfer (EFT)   show
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show a written authorization that transfers ownership of a check  
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full endorsement   show
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show a financial instrument whose ownership can be transferred to another person or business  
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outstanding checks   show
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show the person or firm to whom a check is payable  
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petty cash analysis sheet   show
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petty cash fund   show
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show a form used to record the payments made from a petty cash fund  
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postdated check   show
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show a written promise to pay a specified amount of money on a specific date  
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show a signature that transfers a check to a specific party for a stated purpose  
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service charge   show
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statement of account   show
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show a method of paying employees according to a percentage of net sales  
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show see individual earnings record  
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show a person who is hired by and works under the control and direction of the employer  
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show a form used to claim exemption (withholding) allowances  
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exempt employees   show
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federal unemployment taxes   show
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show a method of paying employees according to a stated rate per hour  
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independent contractor   show
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individual earnings record   show
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Medicare tax   show
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payroll register   show
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piece-rate basis   show
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show a method of paying employees according to an agreed-upon amount for each week or month  
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Social Security Act   show
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show a tax imposed by the Federal Insurance Act and collected on employee earnings to provide retirement and disability benefits  
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show taxes levied by a state government against employers to benefit unemployed workers  
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tax-exempt wages   show
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show rate of pay for an employee's work in excess of 40 hours a week  
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show a simple method to determine the amount of federal income tax to be withheld using a table provided by the government  
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workers' compensation insurance   show
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Employer's Annual Federal Unemployment Tax Return, Form 940   show
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show preprinted government form used by the employer to report payroll tax information relating to social security, Medicare, and employee income tax withholding to the IRS  
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show a system that rewards an employer for maintaining steady employment conditions by reducing the firm's state unemployment tax rate  
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show see experience rating system  
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Transmittal of Wage and Tax Statements, Form W-3   show
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unemployment insurance program   show
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show preprinted government form that contains information about an employee's earnings and tax withholdings for the year  
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withholding statement   show
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