In 2015, the U

question 24

Multiple Choice

In 2015, the U.S. experienced a deficit in its balance of trade with

• A)China.
• B)Mexico.
• C)Canada.
• D)all of the answers are correct.

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Definitions:

Deferred Income Taxes

Represents taxes that are owed but not yet paid, due to differences in the timing of recognition of revenue and expenses for tax reporting and financial accounting purposes.

Income Taxes Payable

The sum of income tax that a company is liable to the government but remains unpaid.

Income Tax Expense

The total amount of income tax that a company expects to pay in a given fiscal period, appearing on the income statement.

Contra-Asset Account

A contra-asset account is an account used in the financial accounting to offset against an asset account on the balance sheet.