Cash and accounts receivable for Adams Company are as follows:   Current Year   Prior Year Cash $70,000   $50,000 Accounts receivable (net)   70,400     80,000 What are the amounts and percentages of increase or decrease that would be shown with horizontal analysis? Account Dollar Change Percent Change   Cash $fill in the blank 1 fill in the blank 2 %   Accounts Receivable $fill in the blank 4 fill in the blank 5 %

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.