Intuit Academy Bookkeeping
Professional Certificate: Liabilities and
Equity
Four Sale Tax Questions - ANS-How, Why, Where, and When
eight Steps to Payroll - ANS-1. Choose a payroll system, 2. Create a payroll policy, three.
Gathering Employee Information, 4. Setting Up Direct Deposit, five. Setup Time Tracking
System, 6. Collect Employee Timesheets, 7. Approve and put up payroll, 8. Report & Update
Payroll Records
Accounting Equation - ANS-Assets = Liabilities + Owner's Equity
Accounts Receivable Turnover Rate - ANS-How rapid debts receivable are gathered
Amortization - ANS-The established procedure of paying each the essential and interest
over a period of time
Amortization - ANS-The systematic manner of repaying a loan through the years
Bonds Payable - ANS-long term debt securities issued by means of a corporation which
guarantees to pay lower back the important at a few unique point within the future
Commercia Mortgage - ANS-A mortgage secured by a lien on a business belongings
Commercial Loan - ANS-A debt-primarily based funding arrangement that a enterprise can
set up with a financial institution
Current Liabilities - ANS-Will be paid in 1 yr (I.E Accounts payable, Payroll and advantages
Liabilites, Lines of Credit, Credit Cards, Income Tax Liabilities, Deferred Revenue)
Debt to Equity Ratio - ANS-Tracks will increase and reduces in liabilities as a percentage of
fairness.
Deferred Income Tax - ANS-The end result of the disparity among earnings reputation and
accounting methods; Represents the difference among the quantity of depreciation fee on
economic statements vs. The quantity stated on inc tax go back.
Economic Presence "Nexus" - ANS-If a commercial enterprise has a high stage of monetary
pastime in an area they should acquire tax there despite the fact that no longer primarily
based there
Fair Labor Standards Acts/FLSA - ANS-Establishes minimum salary, time beyond regulation
pay, record keeping, and youth employment requirements
FICA (Federal Insurance Contribution Act) - ANS-Money that goes to Medicare and social
safety
FUTA (Federal Unemployment Tax Act) - ANS-A payroll tax that employers pay to the federal
government for unemployment packages
HI/Medicare - ANS-Medicare tax is also referred to as health facility coverage(a part of
FICA)
Income Tax - ANS-Taxes payed to the country and federal government on wages earned by
personnel
Income Tax Withholding - ANS-The amount of money an employer withholds for federal or
country earnings tax
Lien - ANS-A legal declare on an asset used as collateral in pleasant a debt.
Professional Certificate: Liabilities and
Equity
Four Sale Tax Questions - ANS-How, Why, Where, and When
eight Steps to Payroll - ANS-1. Choose a payroll system, 2. Create a payroll policy, three.
Gathering Employee Information, 4. Setting Up Direct Deposit, five. Setup Time Tracking
System, 6. Collect Employee Timesheets, 7. Approve and put up payroll, 8. Report & Update
Payroll Records
Accounting Equation - ANS-Assets = Liabilities + Owner's Equity
Accounts Receivable Turnover Rate - ANS-How rapid debts receivable are gathered
Amortization - ANS-The established procedure of paying each the essential and interest
over a period of time
Amortization - ANS-The systematic manner of repaying a loan through the years
Bonds Payable - ANS-long term debt securities issued by means of a corporation which
guarantees to pay lower back the important at a few unique point within the future
Commercia Mortgage - ANS-A mortgage secured by a lien on a business belongings
Commercial Loan - ANS-A debt-primarily based funding arrangement that a enterprise can
set up with a financial institution
Current Liabilities - ANS-Will be paid in 1 yr (I.E Accounts payable, Payroll and advantages
Liabilites, Lines of Credit, Credit Cards, Income Tax Liabilities, Deferred Revenue)
Debt to Equity Ratio - ANS-Tracks will increase and reduces in liabilities as a percentage of
fairness.
Deferred Income Tax - ANS-The end result of the disparity among earnings reputation and
accounting methods; Represents the difference among the quantity of depreciation fee on
economic statements vs. The quantity stated on inc tax go back.
Economic Presence "Nexus" - ANS-If a commercial enterprise has a high stage of monetary
pastime in an area they should acquire tax there despite the fact that no longer primarily
based there
Fair Labor Standards Acts/FLSA - ANS-Establishes minimum salary, time beyond regulation
pay, record keeping, and youth employment requirements
FICA (Federal Insurance Contribution Act) - ANS-Money that goes to Medicare and social
safety
FUTA (Federal Unemployment Tax Act) - ANS-A payroll tax that employers pay to the federal
government for unemployment packages
HI/Medicare - ANS-Medicare tax is also referred to as health facility coverage(a part of
FICA)
Income Tax - ANS-Taxes payed to the country and federal government on wages earned by
personnel
Income Tax Withholding - ANS-The amount of money an employer withholds for federal or
country earnings tax
Lien - ANS-A legal declare on an asset used as collateral in pleasant a debt.
