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214 PAS Income Thures PROBLEMS d. Reco in tl to b PROBLEM 1: MULTIPLE CHOICE tax 1. In layman's terms, to "defer" means to postpone. Thus, a. increases the tax payment in the current period. b. increases the tax payment in a future period. C. decreases the tax payment in the current period. deferred tax liability 6. If thee they a d. decreases the tax payment in a future period. a. its b. z 7. PAS defe 2. If the change in deferred tax asset exceeds the change in deferred tax liability during the period, the net change is referred to as a. deferred tax expense. b. deferred tax income. a. b. c. current tax benefit. d. deferred tax asset. 8. De tax 3. Entity A reports an income tax expense of $1,000 and a current tax expense of P800 during the period. The difference between these amounts is best described as a. deferred tax expense. c. deferred tax liability. b. deferred tax income. d. deferred tax asset. fu a. b 4. Entity A computes a current tax expense of $700 using relevant tax laws. If the change in deferred tax assets exceeds the change in deferred tax liabilities during the period by $100, Entity A's income tax expense is c. $700. d. none of these 9. a. 800. b. 600. 5. Which of the following is not correct regarding the recognition of a deferred tax asset or a deferred tax liability? a. A deferred tax liability will ultimately result to a higher tax payment in a future period. b. A deferred tax asset is expected to cause a reduction in the tax payment in a future period. c. Recognizing deferred tax assets and liabilities results to proper matching of items in the financial statements