Deferred Taxes:

1.What are timing differences and how do they impact deferred taxes?

2.What is a deferred Tax Asset?

3.What is a deferred Tax Liability?

4.What is a tax loss carryforward? For how many years can you carry this amount back? For how many years can you carry this forward?

5.What is a valuation account? When would one be applicable to deferred taxes?

6.A company is using the Straight-Line method of depreciation for Financial Statement purposes and the Accelerated method for IRS purposes. Over the life of the asset, which method will result in MORE total depreciation?