The accountant for Hobson Electrical Repair, Inc. failed to make an adjusting entry to record $5,000 of unpaid salaries for the last two weeks of the year. Which of the following statements is true?

Shortly before the end of 2016, Colter Company makes an installment sale that generates $400 of before-tax income. Colter recognizes income for accounting purposes when the sale is made, but will recognize income for tax purposes when cash is subsequently collected in 2017. Colter has a tax rate of 40%. As a result of this transaction, Colter's tax expense journal entry would include a:

a. Debit to Deferred tax liability for $400. b. Credit to Deferred tax liability for $400. c. Debit to Deferred tax liability for $160. d. Credit to Deferred tax liability for $160.

What is the term that describes the value today of a cash flow or series of cash flows to be received or paid in the future?

A) present value B) compound value C) discount value D) temporal value