YEN Definition

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YEN is the currency of Japan. Its subdivisions are 100 sen and 1000 rin.

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PURCHASE RETURNS is a contra purchase account that records all credits from returned inventory purchases.

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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