Prin. Acct. Ch. 11 Word Scramble
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| Question | Answer |
| Bonus | Compensation to management and other personnel, based on factors such as increased 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. |
| Fees | payments made for the services of professionals. |
| FICA Taxes | Taxes designed to provide 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 paycheck that indicates 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 (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. |
| Pension Plan | An agreement whereby an employer provides benefits to employees after they retire. |
| Post-Retirement Benefits | Payments by employers to retired employees for health care, life insurance, and pensions. |
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