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