Example of deferred liability and asset?

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Example of deferred liability and asset?..

Answer / shreya

Payments that will be assigned as expenses in a later
period, but that are paid in advance and temporarily set up
as assets on the balance sheet.Ex:Tax avoidance and tax
evasion

Money that a company receives from a customer as prepayment
for some good or service. A deferred liability is listed on
a balance sheet as a liability until the good or service is
delivered. This is because the company would have to return
the money if it does not keep its end of the bargain as
promised. A deferred liability is also called a deferred
credit or deferred revenue.Ex:Deftax

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Example of deferred liability and asset?..

Answer / ammu

liablity means the state of being liable that in the sense
all expenses and losses.
Assets are the profits which we have in the particular
business or the firm.
Ex: Machinery, furnitureetc.

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