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accounting chapter 10
Terms in this set (12)
Liabilities that may arise from past transactions if certain events occur in the future.
defined benefit plan
A pension plan that promises employees a fixed annual pension benefit at retirement, based on years of service and compensation levels.
defined contribution plan
A pension plan in which the contributions into the plan are defined but the employee's pension may vary depending on investment performance.
the amount paid the employee, calculated as gross pay less payroll deductions.
Benefits provided to employees in addition to wages and salaries
The total earnings of an employee for a payroll period.
A debt that requires the borrower to make equal periodic payments to the lender for the term of the note.
The amount paid the employee, calculated as gross pay less payroll deductions.
The total amount paid to employees for services they provided during a certain period.
A cash payment to retired employees.
Cash and other current assets that can be easily converted to cash, such as temporary investments and accounts receivable.
A financial ratio that measures a company's "instant" debt-paying ability, computed as quick assets divided by current liabilities.
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