a. C. 4. Which of the following is true with respect to deferred tax assets and deferred tax liabilities A permanent difference is always recorded as a deferred tax asset b. A valuation allowance is appropriate only when it is more likely than not that deferred tax asset will not be recognized All deferred tax assets and deferred tax liabilities are reported as noncurrent in the balance sheet d. A net operating loss gives rise to a deferred tax liability 5. A contract asset Is essentially the same as an account receivable b. Results when a performance obligation has not been satisfied but there is a right for the company to be paid by a customer C. Results when all performance obligations have been satisfied and the company has a right to receive payment from a customer d. Results when a performance obligation has been satisfied, but there is no right under the contract to receive payment from the customer. a