Therefore, the company has a deferred tax liability. In the coming tax period, the company will claim the accounting depreciation minus the tax depreciation.In Year 8, the straight-line depreciation is lower than the tax paid, and the company recognizes a deferred tax asset, suggesting that in...
递延税款， 递延税款是指由于税法与会计制度在确认收益、费用或损失时的时间不同而产生的会计利润（利润总额，下同）与应税所得之间的时间性差异。该差异在“纳税影响会计法”下核算确认，而在“应付税款法”下不予确认。Deferred tax is an accounting term, meaning future tax liability or asset, ...
Definition Often a liability representing the differences between the income tax expense associated with the revenues and expenses reported on a corporation’s income statements and the actual income tax appearing on the corporation’s income tax returns. ...
In a journal entry involving only one debit and one credit, is it conceivable to decrease a liability and increase a revenue? Explain. Explain the meaning of a temporary difference as it relates to deferred tax computations, and give three examples. Differentiate between an originat...
To illustrate the concept of deferred tax liability, imagine you’re at a bar with an open tab. You go to pay your bill, but unfortunately, the bar is closed meaning you cannot process your tab. You agree to make your payment on your next visit to the bar. You make a note of the...
What is the meaning of tax-deferred? Income where the tax liability is delayed until a specific activity occurs Income that is exempt from taxes permanently unless an event occurs Income taxed immediately upon earning Income that incurs a penalty upon earning Next Worksheet 1. What is...
Define DEFERRED PROVISION. means the sum of the provision for deferred Tax liability in the Last Accounts, the Last Ultrabridge Accounts or the Last Havewin Accounts, as the case may be, and any Future Income Tax Benefit which has been offset in the calc
Explain the meaning of a temporary difference as it relates to deferred tax computations, and give three examples. Differentiate between an originating temporary difference and a reversing difference. How to understand understated/overstated assets, liabilities, owner's equity and net income? W...
company stock, money market equivalents, or fixed-rateoptions. Contributions to qualified savings plans such as 401(k) accounts are made on a pre-tax basis. This reducestaxable incomereceived by the employee in the year the contributions are made, which typically equates to lower tax liability....
We,therefore,speakof“bookincome”(meaningincomereportedtoshareholders)and“taxincome”(incomereportedtotheIRS).TheremaybeTemporarydifferencesbetweenthetwo.Thatis,bookincomemaybehigherthantaxincomethisyear,butwillbelowerinafutureyearsothatcumulativeprofitwillbethesameforboth.OrtheremaybePermanentdifferencesbetweenthetwo...