ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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TRANSACTION Definition
TRANSACTION is an event or happening that changes financial position and/or earnings.
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DEFERRED TAX LIABILITIES have an effect of increasing future years income tax payments, which indicates that they are accrued income taxes and meet definition of liabilities. Whereas deferred tax assets have an effect of decreasing future income tax payments, which indicates that they are prepaid income taxes and meet definition of assets.
INSURABLE EARNINGS, as it pertains to unemployment insurance, is the total amount of earnings that an insured person has from insurable employment: a. the total of all amounts, whether wholly or partly paid in legal tender, received or enjoyed by the insured person that are paid to the person by the persons employer in respect of that employment, and b. the amount of any gratuities that the insured person is required to declare under tax legislation.
