PICPA is Pennsylvania Institute of Certified Public Accountants or Philippine Institute of Certified Public Accountants.
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.
STOCK SPLIT is the issuance of a substantial amount of additional shares, thereby reducing the par value of the stock on a proportionate basis.
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