Income Tax Expense Consists of Two Components,the ____________________ Portion and the ____________________

question 15

Short Answer

Income tax expense consists of two components,the ____________________ portion and the ____________________ portion.

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Definitions:

Factored Accounts Receivable

The process of selling accounts receivable to a third party at a discount to quickly generate cash and reduce risk of non-payment.

Commission

A fee paid for services, usually a percentage of the total cost, to an agent or employee for facilitating or completing a sale.

Factoring Transaction

A financial transaction where a business sells its accounts receivable to a third party (the factor) at a discount.