If accrued liabilities are overestimated in the current period, the reported income in a following period will be lower than it should be. Select one: True False

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Q: What is the noncontrolling interest in net income?

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Q: How do they calculate this?

A: YearSales RevenueCostProfit Margin %Critical PointMargin of…

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.