Instructions: Identify the Following

question 66

Short Answer

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Roe v. Wade

---

Definitions:

Deferred Tax

An accounting concept referring to a temporary difference between the tax expense shown in the income statement and the tax payable to the tax authorities, due to timing or methodological differences in recognizing revenue and expenses.

Income Tax Expense

The amount of money that a company or individual owes to the government based on their taxable income.

Deferred Tax Liability

A financial obligation recorded on a company's balance sheet that results from a difference in the timing of when income is earned and when it is taxable.