Match Each of the Following Terms with the Appropriate Definitions

question 22

Short Answer

Match each of the following terms with the appropriate definitions.
a. Employee benefits f. Gross pay
b. Short-term note payable g. Times interest earned
c. Payroll bank account h. Warranty
d. Federal depository bank i. Deferred income tax liability
e. Payroll register j. 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.

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Definitions:

Chesapeake Area

A region encompassing parts of Virginia and Maryland known for its significant historical, cultural, and economic development during the colonial and early United States periods.

American Exports

entails goods and services produced in the United States that are sold and shipped to other countries.

Tobacco

A plant that contains nicotine and is grown for its leaves, which are dried and processed for smoking, chewing, or as snuff.

West Indies

A region in the Caribbean basin that encompasses a group of islands known for their diverse cultures, colonial history, and significant role in the global economy, especially during the era of the Atlantic slave trade.