Chapter 9 Terms Flashcards
1
Q
Current Liabilities
A
Liabilities due within a year
2
Q
Long-term Liabilities
A
Liabilities due after one year
3
Q
Gross Pay
A
Total compensation for an employee before deductions
4
Q
Net Pay
A
Gross pay minus all deductions
5
Q
FICA
A
Federal Insurance Contribution Act
(Social Security & Medicare Taxes)
6
Q
Estimated Liabilities
A
Known obligation of an uncertain amount that can be reasonably estimated
7
Q
Warranty
A
Seller’s obligation to fix or replace a product or services that fails to perform as expected
8
Q
FUTA
A
Federal Unemployment Tax Act
9
Q
SUTA
A
State Unemployment Tax Act
10
Q
Contingent Liabilities
A
Potential obligation that depends on a future event arising from a past transaction or event
