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)

10) Rent collected in advance is an example of a temporary difference which will give rise to a deferred tax asset. (answer True or False)