ACCOUNTING VOCAB HELP!!!!

Matching

Needs to be recorded in the same period as the sale
	Has 2 components: OASDI and Medicare
	Debt that is due within one year
	Potential liability that depends on a future event; accounting treatment depends on the likelihood of occurrence
	Amount of principal on a long term loan that is payable within one year
	Income tax deducted from gross pay
	Take-home pay
	Arises when a business receives cash in advance of providing goods or performing work
	Debts that are owed to creditors which may be paid within one year or after one year
	Should be described in notes to financial statements
	Direct deposit
	Will be recorded as a liability if it can be reasonably estimated
	Does not need to be recorded or disclosed
	HR department handles the hiring and firing or workers
	Calculated as principal times rate times time
	Total amount of salary, wages, commissions and bonuses earned during a pay period
	Payroll tax paid only by employers
	Credited for the amount of sales tax collected from customer

1.	Liabilities
2.	Current liabilities
3.	Sales tax payable
4.	Unearned revenue
5.	Interest expense
6.	Current portion of notes payable
7.	Gross pay
8.	Net pay
9.	Income tax withholding
10.	FICA tax
11.	Unemployment taxes
12.	Internal control for payroll efficiency
13.	Internal control to safeguard payroll disbursements
14.	Warranty Expense
15.	Contingent liability
16.	Remote contingent liability
17.	Possible contingent liability
18.	Probable contingent liability