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)

8) Deferred tax assets are originally recorded as a debit account and are credited when the account reverses in future years. (answer True or False)

9) Interest from tax exempt municipal bonds cause financial accounting income to be greater than taxable income. (answer True or False)