Accounting Dictionary - Letter I
are amounts of income taxes that an entity is obligated to pay to local, state, or federal authorities. These obligations are presented in the current liabilities section because it is usually expected that these balances will be paid within one year after the balance sheet date.
Don't see the term you are looking for? Try searching our entire website:
Not a member?
See why people join our
online accounting course:
online accounting course:
