Deduction
Deduction is an amount subtracted from gross income or taxable income to reduce the tax owed. In payroll, deductions can also refer to amounts withheld for taxes, benefits, or retirement contributions. Deductions help lower a business’s or individual’s overall tax liability.
More Items
Deficiency Account
An account used to record the shortfall when liabilities exceed assets, especially in insolvency or liquidation scenarios. It reflects the…
Deferred Payment Sale
A sales agreement where the buyer receives goods now but pays in future installments. The revenue is often recognized at…
Deferred Liability
Deferred liability is a financial obligation not due until a future date beyond the current accounting period. Examples include pension…
This website uses cookies to improve your experience. You can accept all or reject non-essential cookies.