Term
| Social Security(FICA) taxes |
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Definition
| Federal Insurance Contributions Act taxes imposed on the employee and the employer; used mainly to provide. |
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Definition
| Additional compensation, beyond the regular compensation, paid to employees if certain objectives are achieved. |
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| Rights given to employees to purchase shares of stock of a company at a predetermined price. |
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Definition
| Benefits paid to employees who have been laid off or terminated. |
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Definition
| An agreement betweenn an employer and employees that provides for benefits upon retirement. |
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Definition
| A pension plan under which the employer contributes a defined amount to the pension fund; after retirement, employees receive the amount contributed plus whatever it has earned. |
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Definition
| A pension plan under which the employer defines the amount that retiring employees will receive and contributes enough to the pension fund to pay that amount. |
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Definition
| Money collected from customers for sales taxes that must be remiited to taxing authorities. |
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Definition
| Circumstances invloving potential losses or gains that will not be resolved until some future event occurs. |
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Term
| Probably Contingent Liability |
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Definition
| The future event is likely to occur. Provide disclosure and make the appropriate journal entry. |
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Term
| Reasonably Possible Contingent Liability |
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Definition
| The event has a chance of occuring higher than remote but less than probable. Provide detailed disclosure. |
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Term
| Remote Contingent Liability |
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Definition
| The chance of the future event is very small. No disclosure or journal entry necessary. |
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Definition
Obligations incurred because of damage done to the environment.
Examples: clean up costs for oil spills, toxic waste dumps, or air pollution. |
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Term
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Definition
| Capitalize things that are for a specific audience or for a long term asset. Expense things that are for a short period of time or things such as general ads. |
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Term
| Research and Development-IASB |
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Definition
| Requires research costs to be expensed and development costs to be capitalized. |
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Term
| Research and Development-FASB |
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Definition
| Requires that both research and development costs are expensed. |
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Term
| Other revenues and expenses |
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Definition
items incurred or earned from activities that are outside of, or peripheral to, the normal operations of a firm.
Examples: Dividend Revenue, Gain/Loss on sale of Land, Interest Expense. |
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Term
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Definition
| Nonoperating gains and losses that are unusual in nature, infrequent in occurance, and material in amount. Ex.( floods, fires, and earthquakes) |
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Term
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Definition
| the amount of net income(earnings) related to each share of stock: computed by dividing net income by the number of shares of stock outstanding during the period. |
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Term
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Definition
| An earnings per share figure that divides net income by the number of shares of stock outstanding. |
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