DEFERRED TAX LIABILITIES Definition

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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.

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COMMITTED COSTS are costs, usually fixed costs, which the management of an organization has a long-term responsibility to pay. Examples include rent on a long-term lease and depreciation on an asset with an extended life.

SUPERANNUATION is a. the act of discharging someone because of age (especially to cause someone to retire from service on a pension) or, b. a monthly payment made to someone who is retired from work.

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