Match the Terms Below with the Correct Definitions

question 43

Multiple Choice

Match the terms below with the correct definitions.
-A fraud prevention cash management program offered by banks in an attempt to protect customers and the bank

• A)Petty Cash Fund
• B)Bank routing number
• C)Canceled checks
• D)Positive pay
• E)Payee
• F)Petty cash payments record
• G)Deposit slip
• H)Endorsement
• I)Change Fund
• J)Petty cash voucher

Comprehend the journalizing of transactions related to notes payable and payroll.

Identify and account for contingent liabilities.

Analyze and calculate payroll and its related taxes for both employee and employer.

Understand the treatment of different types of liabilities and assets in financial accounting.

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Definitions:

Buildings

Structures erected to serve as premises for business, residential, or other purposes, considered as fixed assets on a balance sheet.

Land

Land refers to the surface of the earth and any permanent fixtures attached to it, considered a fixed asset in accounting and not subject to depreciation.

Machinery and Equipment

Fixed assets used in the operations of a business that are expected to be used for multiple years.

Ordinary Maintenance

Routine maintenance and repairs necessary to keep property (equipment, buildings, etc.) in efficient operating condition.