1) The deferred tax expense is the

- increase in balance of deferred tax asset plus the increase in balance of deferred tax liability.

- decrease in balance of deferred tax asset minus the increase in balance of deferred tax liability.

- increase in balance of deferred tax liability minus the increase in balance of deferred tax asset.

- increase in balance of deferred tax asset minus the increase in balance of deferred tax liability.

2) At the December 31, 2010 balance sheet date, Unruh Corporation reports an accrued receivable for financial reporting purposes but not for tax purposes. When this asset is recovered in 2011, a future taxable amount will occur and

- total income tax expense for 2011 will exceed current tax expense for 2011.

- pretax financial income will exceed taxable income in 2011.

- Unruh will record a decrease in a deferred tax liability in 2011.

- Unruh will record an increase in a deferred tax asset in 2011.

3) An example of a permanent difference is

- proceeds from life insurance on officers.

- interest expense on money borrowed to invest in municipal bonds.

- insurance expense for a life insurance policy on officers.

- all of these.

4) Recognition of tax benefits in the loss year due to a loss carryforward requires

- the establishment of an income tax refund receivable.

- only a note to the financial statements.

- the establishment of a deferred tax liability.

- the establishment of a deferred tax asset.

5) A deferred tax liability is classified on the balance sheet as either a current or a noncurrent liability. The current amount of a deferred tax liability should generally be

- totally eliminated from the financial statements if the amount is related to a noncurrent asset.

- the net deferred tax consequences of temporary differences that will result in net taxable amounts during the next year.

- the total of all deferred tax consequences that are not expected to reverse in the operating period or one year, whichever is greater.

- based on the classification of the related asset or liability for financial reporting purposes.

6)All of the following are procedures for the computation of deferred income taxes except to

- identify the types and amounts of existing temporary differences.

- measure the total deferred tax liability for taxable temporary differences.

- measure the total deferred tax asset for deductible temporary differences and operating loss carrybacks.

- All of these are procedures in computing deferred income taxes.

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