YEAR-END Definition

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YEAR-END is the end of an accounting period; usually a calendar year, but may be a fiscal year. Books are closed at year-end.

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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.

RETURN ON SALES is a measure of a companys profitability, equal to a fiscal years pre-tax income divided by total sales.

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