Deferred Outflows of Resources have a credit balances and represent valuation accounts i.e. contra-assets of the reporting organization.

Question

Quizplus · Accepted Answer

Deferred Outflows of Resources have debit balances and are not valuation accounts or contra-assets; they represent a consumption of net assets by the entity that will be recognized as an expense or outflow of resources in future periods.

Deferred Outflows of Resources Have a Credit Balances and Represent