Matching Questions 149. Match each of the following terms with the appropriate definitions. a. Employee benefitsf. Gross pay b. Short-term note payableg. Times interest earned c. Payroll bank accounth. Warranty d. Federal depository banki. Deferred income tax liability e. Payroll registerj. Current liabilities _____ 1. A record for a pay period that shows the pay period dates, regular and overtime hours worked, gross pay, net pay and deductions. _____ 2. Obligations due within one year or the company’s operating cycle, whichever is longer. _____ 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. _____ 4. A seller’s obligation to replace or correct a product or service that fails to perform as expected within a specified period. _____ 5. Total compensation earned by an employee. _____ 6. Compensation provided to employees beyond salaries and wages, such as premiums for medical insurance and contributions to pension plans. _____ 7. Payments of income taxes that are deferred until future years because of temporary differences between GAAP and tax accounting rules. _____ 8. A bank authorized to accept deposits of amounts payable to the federal government, including payroll taxes. _____ 9. A calculation of a company’s risk of its ability to pay interest when due. _____10. 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.

Matching Questions 149. Match each of the following terms with the appropriate definitions. a. Employee benefitsf. Gross pay b. Short-term note payableg. Times interest earned c. Payroll bank...

Matching Questions

149. Match each of the following terms with the appropriate definitions.

a. Employee benefitsf. Gross pay

b. Short-term note payableg. Times interest earned

c. Payroll bank accounth. Warranty

d. Federal depository banki. Deferred income tax liability

e. Payroll registerj. Current liabilities

_____ 1.	A record for a pay period that shows the pay period dates, regular and overtime hours worked, gross pay, net pay and deductions.
_____ 2.	Obligations due within one year or the company’s operating cycle, whichever is longer.
_____ 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.
_____ 4.	A seller’s obligation to replace or correct a product or service that fails to perform as expected within a specified period.
_____ 5.	Total compensation earned by an employee.
_____ 6.	Compensation provided to employees beyond salaries and wages, such as premiums for medical insurance and contributions to pension plans.
_____ 7.	Payments of income taxes that are deferred until future years because of temporary differences between GAAP and tax accounting rules.
_____ 8.	A bank authorized to accept deposits of amounts payable to the federal government, including payroll taxes.
_____ 9.	A calculation of a company’s risk of its ability to pay interest when due.
_____10.	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.

May 15, 2022