Matching
Match each of the following terms with the appropriate definitions.
Premises:
A record for a pay period that shows the pay period dates,regular and overtime hours worked,gross pay,net pay and deductions.
Additional compensation paid to or on behalf of employees,such as premiums for medical insurance and contributions to pension plans.
Payments of income taxes that are deferred until future years because of temporary differences between GAAP and tax accounting rules.
Total compensation earned by an employee.
A bank authorized to accept deposits of amounts payable to the federal government, including payroll taxes.
Obligations due within one year or the company's operating cycle,whichever is longer.
A written promise to pay a specified amount on a definite future date within one year or the company's operating cycle,whichever is longer.
A special bank account used solely for paying employees; each pay period an amount equal to the total employees' net pay is deposited and the employees' payroll checks are drawn on that account.
Income before interest expense and income taxes divided by interest expense.
A seller's obligation to repair or replace a product or service that fails to perform as expected within a specified period.
Responses:
Payroll register
Gross pay
Short-term note payable
Payroll bank account
Current liabilities
Federal depository bank
Times interest earned
Warranty
Employee benefits
Deferred income tax liability
Correct Answer:
Premises:
Responses:
A record for a pay period that shows the pay period dates,regular and overtime hours worked,gross pay,net pay and deductions.
Additional compensation paid to or on behalf of employees,such as premiums for medical insurance and contributions to pension plans.
Payments of income taxes that are deferred until future years because of temporary differences between GAAP and tax accounting rules.
Total compensation earned by an employee.
A bank authorized to accept deposits of amounts payable to the federal government, including payroll taxes.
Obligations due within one year or the company's operating cycle,whichever is longer.
A written promise to pay a specified amount on a definite future date within one year or the company's operating cycle,whichever is longer.
A special bank account used solely for paying employees; each pay period an amount equal to the total employees' net pay is deposited and the employees' payroll checks are drawn on that account.
Income before interest expense and income taxes divided by interest expense.
A seller's obligation to repair or replace a product or service that fails to perform as expected within a specified period.
Premises:
A record for a pay period that shows the pay period dates,regular and overtime hours worked,gross pay,net pay and deductions.
Additional compensation paid to or on behalf of employees,such as premiums for medical insurance and contributions to pension plans.
Payments of income taxes that are deferred until future years because of temporary differences between GAAP and tax accounting rules.
Total compensation earned by an employee.
A bank authorized to accept deposits of amounts payable to the federal government, including payroll taxes.
Obligations due within one year or the company's operating cycle,whichever is longer.
A written promise to pay a specified amount on a definite future date within one year or the company's operating cycle,whichever is longer.
A special bank account used solely for paying employees; each pay period an amount equal to the total employees' net pay is deposited and the employees' payroll checks are drawn on that account.
Income before interest expense and income taxes divided by interest expense.
A seller's obligation to repair or replace a product or service that fails to perform as expected within a specified period.
Responses:
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