introduction chapters
chapter 12
Current Liabilities
goals discussion
goals achievement
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check list and key terms
1. are debts or obligations that will be paid within one year or the operating cycle.
2. Sales tax is an example of a collection for a .
3. Another name for an accrued liability is an .
4. The discount on notes payable is reported as a .
5. The process of reducing the discount by recognizing interest expense is frequently referred to as .
6. Liabilities that are not definite and absolute, but instead give rise to potential liabilities, are known as .
7. The guidelines for recording contingent liabilities into the accounts stipulate that the future event be and the amount of liability be .
8. Warranty costs should be expensed in the period of .
9. The , commonly called Social Security/Medicare, provides retirement, financial, and medical benefits to aged, disabled, widows, and orphans.
10. The amount withheld for federal income taxes is based on employee earnings, frequency of pay, marital status, and the number of claimed.
11. A formal name for the Form W-2 is the .
12. The tax imposed by Federal and state governments to financially assist unemployed workers is the .
13. A is an agreement between a company and its employees that provides for retirement benefits.
14. Employers typically finance retirement plans by making periodic cash payments directly into a .