GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW) | ||||||
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05:50 Sep 29, 2006 |
German to English translations [PRO] Bus/Financial - Accounting | |||||||
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| Selected response from: Michael Rose Local time: 22:12 | ||||||
Grading comment
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Summary of answers provided | ||||
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4 +3 | capitalized as prepaid expenses |
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4 -1 | deferred tax asset |
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capitalized as prepaid expenses Explanation: I think - if I've got it the right way round. It's early in the morning and I'm in a hurry to get out the door. "A prepaid expense is an expense you pay ahead of time, such as rent or insurance. The expense is claimed at the time the benefit is received. For example, suppose your fiscal year-end is December 31, 1999. On June 30, 1999, you purchased an insurance policy for your business premise for a full year (July 1, 1999, to June 30, 2000). You can only deduct one-half of the cost as an expense for 1999. The other half is deducted in 2000. " Reference: http://www.mywebca.com/infolibrary/taxes/taxes2.htm |
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