4) Significant noncash investing and financing activities must be reported in the footnotes to the financial statements. (answer True or False)

5) Stock splits and stock dividends are both examples of a noncash investing and financing activity. (answer True or False)

6) Income tax payable is computed by multiplying taxable income times the current tax rate. (answer True or False)

7) Future taxable amounts are temporary differences that result in deferred tax liabilities. (answer True or False)