There are two sides to the entry, upon cash receipt you debit
cash, credit deferred income. To apply the deferred income, the
entry is debit deferred income and credit revenue.
There are two sides to the entry, upon cash receipt you debit
cash, credit deferred income. To apply the deferred income, the
entry is debit deferred income and credit revenue.
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If that is what the amount is that you may owe and that is what
you want to call it YES it would be your deferred income tax
amount.
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no
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The answer is no. A contra account to the "Income Tax Benefit (Deferred)" would be a "Income Tax Charge (Deferred)".
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Deferred income is the converse of accruals. It is income
received during an accounting period, but for which the company has
not yet supplied the goods and services as at the end of the
period, so which cannot be recognised as income.