The Term ________________ Is Used When a Large Task Is

question 25

Short Answer

The term ________________ is used when a large task is divided into several smaller tasks that are easily performed.

---

Definitions:

Fiscal Year-End

The fiscal year-end is the conclusion of a 12-month or 365-day period that a company uses for accounting purposes and preparing financial statements, which does not necessarily coincide with the calendar year.

Deferred Income Tax Liability

A tax obligation due in the future for income that has been recognized in the financial statements before it is taxable.

Tax Liability

Tax liability refers to the total amount of tax that an individual or entity is obligated to pay to a taxing authority, such as the government, based on income, property, and other applicable factors.

Income Tax Expense

The amount of money that a company owes to the government for income earned during a fiscal period.