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How does the Internet affect jurisdiction issues?
Deferred Tax Liability
A tax obligation that arises from temporary differences between accounting and tax calculations, to be paid in the future.
Unearned Revenue
This is income received by a business for goods or services yet to be delivered or performed. It's considered a liability until the product or service is delivered.
Cash Payment
A transaction in which a payment is made using physical currency or through a digital cash transfer rather than credit.
Deferred Tax Asset
An asset on a company's balance sheet that may be used to reduce future tax liability; it arises when a company has overpaid taxes or paid them in advance.
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