Listed below are several terms and phrases associated with accounting for income taxes. Pair each item from List A with the item from List B (by letter) that is most appropriately associated with it.

• List A
• 1. No tax consequences
• 2. Originates, then reverses
• 3. Revise deferred tax amounts
• 4. Operating loss
• 5. Future tax effect of prepaid expenses; tax deductible when paid
• 6. Loss carryback
• 7. Future tax effect of estimated warranty expense
• 8. Valuation allowance
• 9. Phased-in change in rates
• 10. Balance sheet presentation
• 11. Individual tax consequences of financial statement components
• 12. Income tax expense

List B

A. Deferred tax liability

B. Deferred tax asset

C. 2 years

D. Current and deferred tax consequence combined

E. Temporary difference

F. Specific tax rates times amounts reversing each year

G. Nontemporary differences

H. When enacted tax rate changes

I. Net deferred tax asset or liability

J."More likely than not" test

K. Intraperiod tax allocation

L. Negative taxable income