Chapter 3: Balance Sheet - Question 7 Review your company's balance sheet. Does it report a deferred tax asset? A deferred tax liability? If so, are the deferred tax assets and/or liabilities reported as current or noncurrent? Deferred tax asset? Yes or No Current or Noncurrent* Deferred tax liability? Yes or No Current or Noncurrent* *Note: If your company reports a current deferred tax asset (liability), it will realize an income tax benefit obligation) in the next accounting period because of a previously reported event. If your company reports a noncurrent deferred tax asset (liability), it will realize an income tax benefit (obligation) in future accounting periods (beyond the next) because of a previously reported event. Chapter 3: Balance Sheet - Question 7 Review your company's balance sheet. Does it report a deferred tax asset? A deferred tax liability? If so, are the deferred tax assets and/or liabilities reported as current or noncurrent? Deferred tax asset? Yes or No Current or Noncurrent* Deferred tax liability? Yes or No Current or Noncurrent* *Note: If your company reports a current deferred tax asset (liability), it will realize an income tax benefit obligation) in the next accounting period because of a previously reported event. If your company reports a noncurrent deferred tax asset (liability), it will realize an income tax benefit (obligation) in future accounting periods (beyond the next) because of a previously reported event