Example of deferred liability and asset?

Question Posted / t.v.sethu

2 Answers
6531 Views
FIC, I also Faced
E-Mail Answers

Answers were Sorted based on User's Feedback

Example of deferred liability and asset?..

Answer / shreya

Payments that will be assigned as expenses in a later
period, but that are paid in advance and temporarily set up
as assets on the balance sheet.Ex:Tax avoidance and tax
evasion

Money that a company receives from a customer as prepayment
for some good or service. A deferred liability is listed on
a balance sheet as a liability until the good or service is
delivered. This is because the company would have to return
the money if it does not keep its end of the bargain as
promised. A deferred liability is also called a deferred
credit or deferred revenue.Ex:Deftax

Is This Answer Correct ?

4 Yes

1 No

Example of deferred liability and asset?..

Answer / ammu

liablity means the state of being liable that in the sense
all expenses and losses.
Assets are the profits which we have in the particular
business or the firm.
Ex: Machinery, furnitureetc.

Is This Answer Correct ?

0 Yes

2 No

Post New Answer

More Accounting General Interview Questions

I TRANSFERRED A STOCK OF RS. 100.00 FROM HEAD OFFICE DELHI TO MFG. UNIT OFFICE AT HARYANA AGST FORM F.AT BRANCH GOODS ARE PROCESSED AND ADDED VALUE OF RS. 80.00 AND TRNF BACK TO DELHI HEAD OFFICE FOR RS. 180.00 AGST FORM F FROM HARYANA . AND HEAD OFFICE SOLD THIS TO PARTY AT RS. 200.00 . I WANT TO KNOW HOW TO MAKE ACCOUNTING ENTRIES IN BOTH BOOKS HEAD OFFICE AND BRANCH OFFICE. TO SETTEL ACCOUNT AND TO CONSOLIDATE THE BOOKS AT THE END OF YEAR.

0 Answers

what is goodwill?

6 Answers ABB,

how we pass commission entry when we give to other with tds ?

1 Answers GFS,

Explain what is balance sheet?

0 Answers

What is the types of Accounting Method

6 Answers

Explain what is the disadvantage of double entry system?

0 Answers

what is cost center & cost categories in tally

0 Answers

we purchase one material from one party & sale it to other party but the product got problem so 1 st party give us a credit note now the question is how i pass jv in my co. account

1 Answers Pragati Industries,

Give Any three special cases of computation of capital Gain U/s 45(1A) to 45(6)?

0 Answers

what is the difference between cost of goods sold and cost of sales ?

2 Answers

what is a state cheque? how it differes from stale cheque?

0 Answers Banking,

Increase in one equity with no change in the asset will result in .................... of another equity

1 Answers

For more Accounting General Interview Questions Click Here