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. Whereas 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.
BUSINESS is a commercial or industrial enterprise and the people who constitute it that undertake the activity of providing goods and services involving financial, commercial and industrial aspects.
ACQUISITION PRICE PRINCIPLE see COST PRINCIPLE.
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