Which of the following accurately describes the term "deferred taxes"?

The correct choice accurately describes "deferred taxes" as taxes that have been accounted for but are not yet due. In accounting, deferred taxes arise due to timing differences between when income and expenses are recognized for accounting purposes versus when they are recognized for tax purposes. For instance, a company may recognize revenue in its financial statements before actually reporting that revenue to the tax authorities, leading to a deferred tax liability. This means the company will have to pay taxes in the future on income that has already been reported in its financial statements today.

Understanding deferred taxes is essential as they reflect the timing aspect of tax obligations that a company will face later, providing a clearer picture of the financial position and current liabilities.

The other options do not accurately capture the essence of deferred taxes. Taxes that have been paid pertain to current tax obligations, while taxes that are applicable to future periods can reflect a variety of tax treatments, but do not specifically denote the deferred aspect related to accounting vs. tax timing. Lastly, taxes owed but not disclosed do not align with the concept of deferred taxes since disclosure and accounting for them is an integral part of the financial reporting process.