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1. 2. Major reasons for disclosure of deferred income tax information is (are) a better assessment of quality of earnings. b. better predictions of future cash flows. c. that it may be helpful in setting government policy. d. all of these. The rationale for interperiod income tax allocation is to a recognize a tax asset or liability for the tax consequences of temporary differences that exist at the balance sheet date. b. recognize a distribution of earnings to the taxing agency. c. reconcile the tax consequences of permanent and temporary differences appearing on the current year's financial statements. d. adjust income tax expense on the income statement to be in agreement with income taxes payable on the balance sheet. 3. Taxable income of a corporation differs from pretax financial income because of Permanent Temporary Differences Differences No No b. No Yes Yes Yes d. Yes No 4. Deferred tax amounts that are related to specific assets or liabilities should be classified as current or noncurrent based on a. their expected reversal dates. b. their debit or credit balance. c. the length of time the deferred tax amounts will generate future tax deferral benefits. d. the classification of the related asset or liability