For booking first time DTA
entry: DTA A/c DR
TO P&L a/c
For booking first time DTL
entry: P&l a/c DR
To DTL
Adjusting entries in the accounting process affect a lot of different accounts. It can affect any asset, liability, or accruals and deferrals accounts.
It is an asset.
deferred nexpense
asset = liability + owner's equity
yes - either a deferred tax asset (DTA) or a deferred tax liability (DTL).
Yes, but only if the entity has the legal right to settle on a net basis and they are levied by the same taxing authority on the same entity or different entities that intend to realise the asset and settle the liability at the same time.
deferred charge
ARO in regards to accounting means "Asset Retirement Obligation" liability and is referenced in SFAS 143.
Deferred tax is an accounting concept, meaning a future tax liability or asset, resulting from temporary differences between book (accounting) value of assets and liabilities and their tax value, or timing differences between the recognition of gains and losses in financial statements and their recognition in a tax computation
Deferred tax, which is a GAAP accounting concept, and may be either an asset or a liability, would all be settled, either paid with or reduce tax, on the final return.
No. A deferred gain is shown as a liabilty. If it had not been deferred it would be shown as capital. Whatever is received by the seller is an asset (cash or note receivable, etc). Since this new asset is more than the basis of the asset that was sold, one must have a credit in order to balance the books. Example Sale of land with a basis of $400,000 for a sales price of $900,000. The deferred gain is $500,000. Note receivable 900,000 Land 400,000 Deferred Gain 500,000
Asset - Liability = Net Asset / Liability * Net Asset - When Asset is more than Liability * Net Liability - When Liability is more than Asset