Which of the Following Abbreviations Is Correct

question 208

Multiple Choice

Which of the following abbreviations is correct?

• A) Debit, "Dr"; Credit, "Cd"
• B) Debit, "Db"; Credit, "Cr"
• C) Debit, "Db"; Credit, "Cd"
• D) Debit, "Dr"; Credit, "Cr"

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Definitions:

Net Pay

The amount of an employee's salary that remains after deducting taxes and other statutory deductions.

Gross Pay

The total amount of an employee's earnings before any deductions or taxes are applied.

Federal Income Tax

The federal government's imposition of a financial charge on the yearly profits of individuals, corporations, trusts, and different legal organizations.

FICA Base Limit

The maximum amount of earnings subject to the Social Security portion of the Federal Insurance Contributions Act tax in a given year.