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Answer Posted / 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
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