Companies record both income tax expense and income tax payable in journal entries. For companies that use the cash basis for both financial and tax reporting, income tax expense equals income tax ...

Companies that use accrual accounting often end up with deferred expenses on their balance sheets. That's because under accrual accounting, accountants recognize expenses when they occur, not when the ...

The handling of prepaid expense deferrals and expense accruals will be consistent with the last nine fiscal years. General Accounting processes all prepaid expense deferrals and accruals for all of ...

Generally accepted accounting principles dictate that rent expense should be shown on the financial statements of a business as a consistent amount from month to month. In accounting parlance, that's ...