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.
CASH DRAW see PROPRIETORS DRAW.
PAYABLE is an amount awaiting payment to be made, e.g. interest payable or taxes payable.
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