Matching Questions 124. Match each of the following terms with the appropriate definitions. 1. A written promise to pay a specified amount on a definite future date within one year or the...

1. 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

Employee benefits

2. A record for a pay period that shows the pay period dates, regular and overtime hours worked, gross pay, net pay and deductions

Payroll register

3. 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

Gross pay

4. Payments of income taxes that are deferred until future years because of temporary differences between GAAP and tax accounting rules

Times interest earned

5. Total compensation earned by an employee

Short-term note payable

6. Income before interest expense and income taxes divided by interest expense

Federal depository bank

7. A bank authorized to accept deposits of amounts payable to the federal government, including payroll taxes

Warranty

8. A seller's obligation to repair or replace a product or service that fails to perform as expected within a specified period

Payroll bank account

9. Additional compensation paid to or on behalf of employees, such as premiums for medical insurance and contributions to pension plans

Current liabilities

10. Obligations due within one year or the company's operating cycle, whichever is longer

Deferred income tax liability