INCOME TAXES PAYABLE Definition

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INCOME TAXES PAYABLE is income taxes due including current portion of deferred taxes.

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CONSORTIUM is an association of companies for some definite purpose.

STANDARD COST is production or operating cost that is carefully predetermined. A standard cost is a target cost that should be attained. The standard cost is compared with the actual cost in order to measure the performance of a given costing department or operation. See STANDARD COST SYSTEM.

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