Complete the Following Using the Terms Listed

question 42

Multiple Choice

Complete the following using the terms listed.
-Proponents of _____ allow employees to view sensitive financial information so that they better understand how their work contributes to the company's success.

• A)certified public accountant
• B)International Financial Reporting Standards
• C)asset
• D)liability
• E)Owners' equity
• F)accounting equation
• G)balance sheet
• H)income statement
• I)Sarbanes-Oxley Act (SOX)
• J)accrual accounting
• K)open book management
• L)budget
• M)generally accepted accounting principles (GAAP)
• N)Financial Accounting Standards Board (FASB)
• O)profitability ratios
• P)International Accounting Standards Committee (IASC)
• Q)Leverage ratios
• R)management accountant

Understand the federal income tax withholding process and its impact on employee's net pay.

Recognize the significance of proper payroll accounting and its impact on business operations.

Understand the differences between defined benefit and defined contribution pension plans.

Identify the components included in an employer's payroll taxes.

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Definitions:

Electronic Signature

A digital form of a signature that legally binds an individual to an electronic document, as recognized by law.

UETA

The Uniform Electronic Transactions Act, which establishes the legal validity of electronic signatures and records.

CISG

The United Nations Convention on Contracts for the International Sale of Goods, a treaty providing a uniform set of rules for the international sale of goods.

Sales Contract

A legal agreement between a buyer and a seller detailing the terms and conditions of a sale of goods or services.