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Deferred tax liability is necessary when a company's balance sheets fail to reflect what they are claiming on their tax returns. This can occur, for example, in cases of deferred payments from customers.
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Is deferred tax a current liability?
Yes deffered tax liability is created due to difference in taxable income as well as actual income which needs to be adjusted in next fiscal year as it is for only one year that;s why it is current liability.
Where can one find deferred tax assets?
Deferred tax assets are when its determined that the company will have positive accounting income during the fiscal period. After that, the deferred tax assets can be applied.
Mortgage payable is a current liability?
No, although Mortgage Payable would be a liability a mortgage is generally not a payable that could or would be paid off in less than one year or one accounting cycle. Current liability refers to just that, a liability that will be paid off in one year or less, while a Long-term liability takes longer, such as a mortgage payable. More commonly referred to as a "note payable" a mortgage payable for a business would be a Long-term liability. A mortgage would be what the company is paying to "purchase" their building or land. The property itself that the mortgage is on of course is the asset.
3 When is a liability classified as a current liability ad as a noncurrent liability?
When liability is payable within one fiscal year then it is current liability while one liability is payable within more than one period then Is non-current liability.
What is the difference between revenue expenditure and deferred revenue expenditure?
Revenue expenditure is that which is incurred in anticipation of generating future income for not more than one yr for example- exp incurred in sales promotion and advertisement of an enterprise. Whereas deferred revenue exp. are those for which payment has been made or a liability has been incurred on the presumption that it will be of benefit over a subsequent period or periods
Is deferred liability a current liability?
Yes deffered tax liability is created due to difference in taxable income as well as actual income which needs to be adjusted in next fiscal year as it is for only one year that;s why it is current liability.
Why would a deferred compensation be needed?
Deferred compensation is when an employee is paid some of his wages at a later date instead of when it is owed. One would get deferred compensation when one has a pension plan or a retirement plan.
Is deferred tax a current liability?
Yes deffered tax liability is created due to difference in taxable income as well as actual income which needs to be adjusted in next fiscal year as it is for only one year that;s why it is current liability.
What sort of liability insurance does one need for a sole-proprietor copywriter?
It would depend on the legislation of the country you are referring to
What are reasons that one would need to purchase business liability insurance?
Business liability insurance protects a company's assets from a lawsuit. If a business is high risk or doesn't have enough capital to cover a lawsuit, they should have business liability insurance.
Which websites offer liability waiver forms?
An insurance liability waiver form would need to come from your insurance company. Check with your insurance company online or give them a call to find out how to get one.
What's garage liability insurance and its coverage?
Your garage insurance should be covered by home owners insurance or renters insurance. I am not sure you would need liability insurance in a garage though, because no one else would be hurt in there.
What sort of liability insurance does one need for a sole proprietor carpet cleaning service?
GL or General Liability
Why would one need internet liability insurance?
A person will need internet liability insurance if they work on the internet or do business transactions on a regular basis. Internet liability insurance insures against privacy issues, infringement of intellectual property,virus transmission, or any other issues passed through the web.
Where can one find the definition of deferred annuities?
Deferred annuities are either fixed or variable. A deferred annuity is where one deposits funds with an annuity company. Taxes on any financial gains made by your investments are deferred until you withdraw your funds.
Can you legally own a firearm if you have discharged a deferred imposition sentence in the US?
It depends on the specific terms of your deferred imposition sentence and the laws of the state where you reside. Generally, individuals who have had a deferred imposition of sentence typically have their criminal record erased after successfully completing the terms and conditions. However, it is recommended to consult with a legal professional for specific guidance in your situation.
Is saleries payable a current liability?
Yes, Salaries Payable would be considered a Current Liability as the company will pay the amount off in less than one year (or one accounting period).Current Liability as any liability that will be fully pad for in one year (or less).
