1. A company's Income Tax Payable amount is determined based on which of the following?

a. Securities and Exchange Commission (SEC)

b. Regulations Internal Revenue Code (IRS)

c. Regulations Financial Accounting Standards Board (FASB) Pronouncements

d. Generally Accepted Accounting Principles (GAAP)

e. None of these answers are correct

2. Which of the following statements is not true about a deferred tax asset?

a. It gives rise to a probable benefit in the future

b. None of these answers are correct

c. It results from a past transaction

d. It causes taxable income in future periods to be greater than financial income

e. The company controls access to the benefits

3. A __________ will result in a future increase in taxes payable if there are temporary differences in the current period.

a. None of these answers are correct

b. Deferred revenue

c. Deferred tax liability

d. Deferred tax expense

e. Deferred tax asset