Ch 8

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Which of the following voluntary contributions by employees may employers deduct from their employees' pay?

contributions toward retirement funds & union dues

Current maturities of long-term debt should be classified as ____________ liabilities

current

The current portion of long-term debt is the amount that will be paid within the ______ year

next

Common current liabilities include:

deferred revenues, sales tax payable, and the current portion of long-term debt

Sales tax is recorded on the income statement because it is a cost of making a sale

false

The journal entry to record employer payroll taxes affects ______________.

liabilities and stockholders equity

A _______ is a probable further sacrifice of economic benefits arising from present obligations to transfer assets or provide services as a result of past tranaactions or events.

liability

Which of the following is not a current liability?

note payable due in 3 years

Amounts that are subtracted from an employee's gross pay are referred to as ...

payroll withholdings

A liability is a ________ responsibility to sacrifice ___________ in the future due to a transaction or other event that happened in the ___________

present; assets; past

Payroll taxes are paid only by the employer?

FUTA & SUTA

An interest rate, unless otherwise specified, is typically a __________ rate

annual

When an employer withholds items such as charitable contributions from an employee's pay, the employer must record the item as ...

a liability until the amount is paid to the organization

A __________ payable is a short-term liability that occurs when a company purchases goods and does not immediately pay with cash.

account

Withholding taxes for federal and state income tax are based upon which items?

amounts earned by employers & number of exemptions claimed

Which of the following describes the requirement to pay FUTA ...

an employer must pay FUTA even if the employer pays SUTA taxes

Notes payable is classified as a liability that has which of the following effects?

creates interest expense on the income statement

Liabilities are classified as ...

current and long-term

Taxes collected for taxing authorities are recognized as ...

current liabilities

Liabilities that are payable within one year are classified as __________ liabilities, while those payable more than one year from now commonly are classified as ________ liabilities

current; long-term

FICA is the acronym for the ...

federal insurance contribution act

Additional benefits such as health insurance, retirement benefits, or life insurance that are paid by the employer are called ___________ benefits

fringe

Deferred revenue should be classified as a ___________ on the balance sheet

liability

A ___________ of ____________ is an informal agreement that permits a company to borrow up to a prearranged amount without having to follow formal loan procedures

line of credit

Given a choice, most companies will prefer classifying liabilities as ___________.

long-term

An end of period adjusting entry that debits deferred revenue most likely will credit __________ account

revenue

By law, an employee is required to pay which of the following amounts as payroll taxes?

social security contributions, medicare contributions, and federal unemployment tax

Payroll withholdings are ...

the items subtracted from an employee's gross pay to arrive at net pay


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