There Are Various Types of Online School Programs That Run

question 39

True/False

There are various types of online school programs that run from fully online schools to those that are partially online.

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Definitions:

Completed-Contract Method

This is an accounting method that recognizes revenues and expenses from a long-term contract only when the contract is completed.

Deferred Tax Liability

A tax obligation that is recorded on the balance sheet but not yet due, arising from temporary differences between the accounting and tax treatment of transactions.

Temporary Differences

Differences between the tax base of an asset or liability and its carrying amount in the financial statements, which will result in taxable or deductible amounts in the future.

Taxable Income

The amount of income used to calculate how much the entity owes in taxes to the federal, state, and/or local government.