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The class-society theory states that modernization has greatly reduced social inequality.
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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