1. in 2019 M inc. created a deferred tax liability account for one of its timing differences. When the timing difference reverses out in 2020, Which of the following is true?

a. the deferred tax asset account should be credited,

b. the deferred tax asset account should be debited,

c.the deferred tax liability account should be credited

d. the deferred tax liability account should be debited.

2.when a contract with a customer contains more than one distinct performance obligation the company should:

a.allocate the transaction price to each distinct performance obligation in the contract.

b.combine the performance obligations into one master performance obligation for accounting purposes.

c.account for each performance obligation as a separate contract.

d. not recognize revenue until all performance obligations are satisfied.