What is deferred tax liability and deferred tax liability in accounting?

Q: What types of ordinary and statutory income do not constitute assessable income?

A: Ordinary Income is that income which is taxable at ordinary rates or earned from working. Like…

Q: Deferred taxes result from different methods applied for taxable income and income for financial…

A: Deferred taxes represent temporary differences in income recognition for tax and financial…

Q: What is qualified business income deduction in taxation/accounting? And, how is it used to reduce…

A: Certain business owners can benefit from the Qualified Business Income (QBI) deduction. Taxpayers…

Q: Are there differences between financial reporting standards and income tax rules thatwill not cause…

A: Normally, business follow GAAP in preparing their financial statements in order to arrive at their…

Q: What is the main principle of tax-effect accounting as outlined in AASB 112/IAS

A: Answer: According to data - This report discusses the main principle of tax effect accounting and…

Q: What types of income should not be classified as such on a tax return? Why shouldn't they be…

A: Answer Nontaxable income won’t be taxed, whether or not you enter it on your tax return. nontaxable…

Q: How do the tax laws and financial accounting standards differ?

A: Financial Reporting:   Financial reporting is the process of disclosing the financial results of the…

Q: Taxable income is a tax accounting term and is also referred to as income before taxes true or…

A: Tax Accounting is a distinct branch of accounting dedicated to managing tax-related aspects for…

Q: What is an unrecognized tax benefit and how does it affect a company's current income tax expense?

A: The Meaning of Income Tax: FASB defines income tax as a tax on earnings. It is measured in terms of…

Q: Do the liabilities and assets that are generated by using the 'balance sheet method' of accounting…

A: The implication of the rules of conceptual frame work will helpful to create best standard in the…

Q: Who is responsible for substantiating income tax deductions and how are income tax deductions…

A: Introduction: Income is the money that a person or organization receives after investing capital,…

Q: What’s the difference? Explain to Laura how differences between financial reportingstandards and…

A: Accounting income reported in accordance with financial reporting standards and taxable income under…

Q: Explain how deferred tax assets and deferred tax liabilities are reported in a classified balance…

A: When the Income Tax Expense account is more than the Income Tax Payable account, this difference is…

Q: What Accounting periods and accounting methods available to individuals for tax purposes?

A: Internal Revenue Service (IRS) advises that each taxpayer (individual) must figure taxable income on…

Q: the difference between “tax evasion”, “tax avoidance”, and “tax planning”.

A: The differences for terms tax evasion,tax avoidance and tax planning are shown below

Q: What are the distinctions between deferred tax assets and deferred tax liabilities?

A: