Some organizations have an item on their balance sheet labelled deferred tax asset. What does...

80.2K

Verified Solution

Question

Accounting

Some organizations have an item on their balance sheet labelled deferred tax asset. What does this item represent? Other organizations have a deferred tax liability. How were these accounts affected when the standard rate of corporation tax changed from 35% in 2017 to 21% in 2018

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students