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A father sings a catch phrase from a classic television commercial to his children as he pours milk over the cereal in their bowls.Now that his children are grown and started families,they sing the same catch phrase to his grandchildren when they pour milk over the cereal in the grandchildren's bowls.In this scenario,the catch phrase is an example of a
Deferred Tax Asset
A deferred tax asset is an accounting term used to describe a situation where a business has paid more taxes or anticipates paying more taxes than it is currently liable for.
Income Tax Liability
The total amount of income tax that an individual or corporation owes to tax authorities.
Income Tax Expense
Income tax expense is the amount of expense that a business recognizes in a given accounting period for the taxes associated with its taxable income.
Journal Entry
A record of a financial transaction in the accounting books of a business or organization.
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