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Accounting CH 11

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Updated 2007-04-29 22:32

Definitions

TermDefinition
Short-Term Note PayablePromissory note payable due within one year, a common form of financing.
Current Portion of Long-Term DebtAmount of the principal that is payable within one year. Also called current maturity.
Accrued ExpenseAn expense that the business has not yet paid. Also called accrued liability.
PayrollA major expense. Also called employee compensation.
Gross PayTotal amount of salary, wages, commissions, etc before taxes and other deductions.
Net PayGross pay minus all deductions
Withheld Income TaxIncome tax deducted from employees' gross pay.
Social Security TaxFederal Insurance Contributions Act (FICA), withheld from employees' pay.
Unemployment Compensation TaxPayroll tax paid by employers to the government, used to pay unemployment benefits.
Current Liabilities and PayrollName of Chapter
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