0
Deductible temporary differences exist when:
(1) Revenue is reported on the tax return now, but recorded on the books in a later year or
(2) Expenses are recorded on the books now, but are reported as deductions on the tax return in a later year.
Examples:
(1) Revenues collected in advance are reported on the tax return now but are recorded in the books when earned
(2) Contingent expenses and losses which are probable and can be reasonably estimated (i.e. warranties) are recorded in the books now but not deductible for tax purposes until paid in the future.
(3) Unrealized losses on trading securities are included in current earnings for financial reporting, but are not deductible for tax purposes until sold.
What else can I help you with?
What does it mean when a deductible does not apply?
When a deductible does not apply, it means that the insured individual does not have to pay a certain amount out-of-pocket before their insurance coverage kicks in for specific services or claims. This often occurs in situations where preventive services are covered fully, such as annual check-ups or vaccinations. It can also apply to certain types of claims or benefits that the insurer has designated as exempt from the deductible requirement. Ultimately, this can lead to reduced upfront costs for the insured at the time of service.
When transposition error is made on a trial balance the difference between the debit and credit totals on the trial balance will be?
When a transposition error occurs on a trial balance, the difference between the debit and credit totals will always be a multiple of 9. This is because transposing two digits results in a number that, when subtracted from the original, will yield a difference that is divisible by 9. For example, if 54 is transposed to 45, the difference is 9, which is a multiple of 9.
Define inventory shrinkage?
Inventory shrinkages occurs when good disappear from a company's inventory for an unknown reason. For example employee theft or damage.
Is An example of a deferral Unearned Rent?
Yes, unearned rent is an example of a deferral. It represents rental payments received in advance for services not yet performed, meaning the revenue is not recognized until the rental period occurs. This deferred revenue is recorded as a liability on the balance sheet until the service is rendered.
What is the example of cash sale?
A cash sale occurs when a customer purchases a product or service and pays for it immediately in cash or with a debit card. For example, when someone buys a coffee at a café and pays with cash at the counter, that transaction is considered a cash sale. This type of sale typically involves no credit or deferred payment terms.
deductible?
I do know after period of time the deductible lowers down to zero. But if by chance accident occurs does it go completely back up or does it increase partially?
A temporary suspension of the menstrual cycle normally occurs during?
Pregnancy
What the difference between furlow and layoff?
The main difference is that furloughs tend to be more temporary. Also, layoffs are not voluntary, while a furlough may be voluntary. For reference: A furlough is a temporary leave of absence from employment, duty in the armed services, or from a prison term. It may be voluntary or involuntary. A layoff is the temporary suspension or permanent termination of employment of an employee or (more commonly) a group of employees for business reasons, such as when certain positions are no longer necessary or when a business slow-down occurs.
What is the Difference between post fix and prefix plus plus operator?
For both cases, the ++ operator increments the integer by one. The difference lies in when it makes that increment. Take the following for example: int B = 3 A = ++B // A = 4, B = 4 --------------- int B = 3 A = B++ //A = 3, B = 4 In the prefix example, the increment occurs before the assignment. In the suffix example, the increment occurs after the assignment.
What cuases electric discharge?
Potential differnce. For example, when too much voltage is built up within a thunderhead, the potential difference is high and a discharge occurs.
What is a difference between reflex and voluntary action?
The difference between reflex and voluntary action is that a reflex occurs naturally in response to some sort of stimulus and voluntary action is something that is consciously carried out. An example of a reflex action is gagging and an example of voluntary action is flinching when someone is going to hit you.
What is a double deduction in auto insurance?
The deductible will double if the loss occurs during a certain time period. So if your deductible is currently $500, you will pay $1,000 before the insurance will pay any amount. Typically this applies only for the first two or three months of a new policy. After that, only the $500 will apply. The benefit of selecting a double deductible policy is that it lowers your premium.
The temporary banishment from society or from a particular group?
Temporary banishment from society or a particular group occurs when a person or persons are restricted from residing in the area of banishment.
Is in dogs an adverb phrase?
It can be, as in the example: "This disease occurs in dogs." (modifies occurs, answers where)
What is an example of Infrequent Foreign marketing company?
Infrequent foreign marketing . Infrequent foreign marketing is defined as a temporary variation surplus in various demand and production levels causing marketing that occurs overseas infrequent. In this marketing stage of marketing little changes can …
Explain the difference between static friction and kinetic friction. Give an example of each.?
Static friction occurs when two surfaces are not moving relative to each other, while kinetic friction occurs when two surfaces are sliding past each other. An example of static friction is trying to push a heavy box that won't budge, while an example of kinetic friction is the resistance when sliding a book across a table.
What does it mean when a deductible does not apply?
When a deductible does not apply, it means that the insured individual does not have to pay a certain amount out-of-pocket before their insurance coverage kicks in for specific services or claims. This often occurs in situations where preventive services are covered fully, such as annual check-ups or vaccinations. It can also apply to certain types of claims or benefits that the insurer has designated as exempt from the deductible requirement. Ultimately, this can lead to reduced upfront costs for the insured at the time of service.
