Drafting and Interpreting Financial Statements
I don’t understand this sentence ‘an opening balance in the tax payable account (which I am presuming is the tax liability account) represents an under or over provision from the previous year’. I thought this represented the estimate for the following year? My questions are:
1) Are 'tax payable' and 'tax liability' accounts interchangeable - they are the same account just different terms?
2) I thought the opening balance represented the estimated tax payable for the year? This sentence reads as the over/under payment will be the amount b/f?
Thanks in advance!
1) Are 'tax payable' and 'tax liability' accounts interchangeable - they are the same account just different terms?
2) I thought the opening balance represented the estimated tax payable for the year? This sentence reads as the over/under payment will be the amount b/f?
Thanks in advance!
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