Up to $10,000 of Dependent Care Expenses Can Be Excluded

question 88

True/False

Up to $10,000 of dependent care expenses can be excluded from an employee's compensation.

Learn about civil penalties associated with hiring unauthorized foreign workers.

Analyze the requirements for a sexual harassment claim based on workplace conduct and the subjective experiences of the employees.

Understand the interplay between state and federal laws in regulating employment benefits and anti-discrimination protections.

Understand the concept of trade discount and calculate the net price and trade discount amount.

---

Definitions:

Contingent Liability

A potential liability that has arisen as the result of a past event; it is not a definitive liability until some future event occurs.

Balance Sheet

A financial statement that displays a company's financial position at a specific point in time, listing assets, liabilities, and equity.

Probable

Likely to occur or to be true, often used in accounting to describe the likelihood of a future event affecting financial statements.

Working Capital

The measure of a company's operational liquidity, calculated as current assets minus current liabilities.