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Is deferred liability a current liability?

Anonymous

∙ 11y ago

Updated: 10/9/2022

Yes deffered tax liability is created due to difference in taxable income as well as actual income which needs to be adjusted in next fiscal year as it is for only one year that;s why it is current liability.

Kyleigh Kling ∙

Lvl 10

∙ 2y ago

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Q: Is deferred liability a current liability?

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Related Questions

Is Deferred income a current liability?

no

Is deferred revenue a current liability?

Yes, deferred revenue is a current liability. It means that the revenue has yet to be earned, therefore it is still owed to the business or company.

Is a three year notes payable classified as a current liability?

Only the portion of it that is due within the next 12 months is current. The balance is a deferred or non-current liability.

How is deferred tax liability different from current tax liability?

Current Tax Liability is that tax amount which is actaully payable in current year.Deffered Tax liability is that amount of tax liability which is created due to difference in net income in income statement and income according to tax authorities.

What are the Journal entries for a sale of subsidiary?

There are several important journal entries for the sale of a subsidiary. These include: Fixed assets, current assets, current liability, deferred tax liability, and goodwill.

Is deferred tax a current liability?

Yes deffered tax liability is created due to difference in taxable income as well as actual income which needs to be adjusted in next fiscal year as it is for only one year that;s why it is current liability.

Should a deferred expense or deferred rent in this example be classified as 'Long Term Liability'?

Deferred Expenses are on the asset side of the balance sheet, not the liability side. Long Term relates to anything beyond the next twelve months, but a long term deferred expense would probably be listed as "Other Assets". The deferred expenses are correctly represent the Assets of the company. But, if a company has not paid its rent & its due in next 12 month or may be due on virtual payment basis in 2-3 years, then such expense (deferred rent) is required to be shown on Liability side of the B/S. Furthermore, such payments to be made in next 12 months are to be presented as Current Liability & payments to be expelled in more than 12 months are to be shown as Non-Current Liability Section.

What type of account is Deferred Commissions?

Liability

Is unearned rent a deferred liability?

If it has been prepaid by a customer and you show the cash related to this prepayment on your books, it is straight liability. You can think of this as something that you have but does not belong to you until you earn it. It is not deferred liability.

Why would one need a deferred tax liability?

Deferred tax liability is necessary when a company's balance sheets fail to reflect what they are claiming on their tax returns. This can occur, for example, in cases of deferred payments from customers.

Unexpired insurance at the end of the fiscal period represents is it an accured asset liability expense or deferred expense?

deferred nexpense

Are all temporary differences that exist at balance date recognised as deferred tax assets or deferred tax liabilities?

yes - either a deferred tax asset (DTA) or a deferred tax liability (DTL).

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