Match each of the following terms with the appropriate definitions.
A. A bank authorized to accept deposits of amounts payable to the federal government, including payroll taxes.
B. 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.
C. A record for a pay period that shows the pay period dates, regular and overtime hours worked, gross pay, net pay and deductions.
D. A seller's obligation to replace or correct a product or service that fails to perform as expected within a specified period.
E. Total compensation earned by an employee.
F. Obligations due within one year or the company's operating cycle, whichever is longer.
G. A calculation of a company's risk of its ability to pay interest when due.
H. Compensation provided to employees beyond salaries and wages, such as premiums for medical insurance and contributions to pension plans.
I. Payments of income taxes that are deferred until future years because of temporary differences between GAAP and tax accounting rules.
J. 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. Federal depository bank
B. Payroll bank account
C. Payroll register
D. Warranty
E. Gross pay
F. Current liabilities
G. Times interest earned
H. Employee benefits
I. Deferred income tax liability
J. Short term note payable
You might also like to view...
Hedging is the process of avoiding or covering a foreign exchange risk.
a. True b. False
Gilday Furniture Inc produces custom furniture. Wood chips are an inevitable by-product of the cutting process, and are considered scrap. Gilday is unable to use this scrap; however, the company has an agreement to sell the scrap at market prices to a
local company that processes the wood chips to make industrial fillers. Record the entries required for scrap under each of the following conditions: (a) The revenue received for scrap is to be treated as other income. The market value of wood chips is stable and is currently $200 per ton. The company has seven tons on hand. (b) The revenue received for scrap is to be treated as a reduction in manufacturing cost, but cannot be identified with a specific job. A firm price is not determinable for the scrap until it is sold. It is eventually sold for cash of $800. (c) The revenue received for scrap is to be treated as a reduction in manufacturing cost, and five tons of scrap are related to a special job where the company made numerous round tables. The market value of wood chips is stable and is currently $200 per ton.
Which of the following is the best example of a convenience product?
A) a silk scarf B) a subscription to a magazine C) a gallon of milk D) a lawn mower E) a CD player
The J. M. Smuckers Company makes jams, jellies, fruit spreads, and ice cream toppings. All of these products are sold using the Smuckers brand name. This company uses a(n) ________ strategy
A) store brand B) private-label brand C) cobranding D) ingredient branding E) family brand