According to fasb statement no. 109, accounting for income taxes, justification for the method of determining periodic deferred tax expense is based on the concept of Recognition of assets and liabilities.
Recorded at the right aspect of the balance sheet, liabilities consist of loans, accounts payable, mortgages, deferred revenues, bonds, warranties, and amassed fees. Liabilities may be contrasted with belongings. Liabilities talk over things that you owe or have borrowed; property is matters that you personally or are owed.
The land is classified as an extended-time period asset on a business's stability sheet because it typically isn't predicted to be converted to cash in the span of a year. The land is considered to be the asset with the longest existence span.
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