unearned revenue arises because the business receives goods or services before payment has been made

True or false

retirement compensation is a benefit because the employer sets aside money for the employees future retirement

True or false

gross pay is the total amount of salary,wages,commissions,and bonuses earned by an employee during a pay period,after taxes or any other deductions

True or false

the old age,survivors,and disability insurance component of FICA tax is imposed on the entire amount of an individual employee earnings

True or false

if a business knows that a liability exists but does not know the exact amount the business must estimate the amount of the liability and report it on the balance sheet

True or false

because a company usually does not know the amount of the year-end bonus at year-end,no liability is recorded

True or false

A pension plan is a plan that provides benefits to retired employees

true or false

in regards to corporate income tax which of the following statements is incorrect?

income tax expense is recorded when the federal income tax is incurred

when the corporation makes payment for federal income taxes the account income tax payable is credited

the amount of income taxes that the corporation owes but has not yet paid is classified as a current liability

federal income taxes are calculated on a corparate tax return