ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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FEDERAL UNEMPLOYMENT TAX ACT Definition
FEDERAL UNEMPLOYMENT TAX ACT (FUTA) is a U.S, federal law providing guidelines for the unemployment compensation system. A Federal tax is paid by all liable employers to fund the administration of Federal and State unemployment insurance programs and the extended benefits program. FUTA provides for payments of unemployment compensation to workers who have lost their jobs. Most employers pay both a federal and a state unemployment tax.
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EVIDENCE, in accounting, includes written and electronic information (e.g. checks, records of electronic fund transfers, invoices, contracts, and other information) that permits the auditor to reach conclusions through reasoning.
THEME is a descriptive statement representing a major component of a strategy, as articulated at the highest level in the Vision. Most strategies can be represented in 3-5 themes. Themes are most often drawn from an organization’s internal processes or the customer value proposition, but may also be drawn from key financial goals. The key is that themes represent vertically linked groupings of objectives across several scorecard perspectives (at a minimum, Customer and Internal). Themes are often stated as catchy phrases or “buzz” words that are easy for the organization to remember and internalize. Example: “Top Innovator,” “Customer Intimate,” “Operationally Excellent” “Processes/Tools,” “Thinking,” “Content,” “Pipeline” (I/T Organization).