Match Each of the Following Terms with the Appropriate Definitions

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.