Accounts Receivable Is Increased with a Credit

question 101

True/False

Accounts Receivable is increased with a credit.

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Definitions:

FICA Tax

Taxes required by the Federal Insurance Contributions Act, funding Social Security and Medicare benefits.

FUTA Tax

The Federal Unemployment Tax Act tax, which employers pay to help fund state workforce agencies.

SUTA Tax

A state unemployment tax assessed by individual states on employers, used to fund their unemployment insurance and job service programs.

Medicare

A federal health insurance program in the United States primarily for people aged 65 and older, as well as for some younger individuals with disabilities.