Answer Posted / 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
| Is This Answer Correct ? | 4 Yes | 1 No |
Post New Answer View All Answers
we are a trading company providing devices and some times after sales service. when any defect came we just replace the hardware from another defective device and getting the payment from the customer. how can we account that? is there any tax implications for this?
Why do users of accounting information need accounting information?
What is accounting chart of accounts?
Tell me an example of a tough decision that you had to make?
What knowledge should financial accountant have?
what is the diffrence between cash flow & cash fund?
how to pass journal entries for reverse tax on input tax paid
what is accounting cycle ?
what is retention? how caculate on asset
dear i want basic a\C's oriented question. these are asking in mostly all mnc companies
Tell me what is trial balance in accounting?
Tell us what do you believe should be an important quality of an account executive?
Fundamental accounting assumptions are (a) Materiality. (b) Business entity. (c) Going concern. (d) Dual aspect
Who created snapit accounting?
I wana give interview as a accountant what the question will asked by interviewer ??? Please suggest me so I can clear inteview. abhinandan
