True or false?

Deferred tax asset balances are calculated using the appropriate future enacted tax rate(s) for the years when the temporary difference is expected to reverse.

True or false? If the lease period is for less than 12 months (including renewal or extension options and with no bargain purchase option), the lessee records a right-of-use asset and a lease payable at the inception of the lease.

True or False?

A lease which transfer title to the lessor by the end of the lease term is classified by the lessee as an operating lease.

True of False?

Investments in debt sevurities can be classified as fair value through net income.

True or False?

If the present value of total lease payment is substantially all of the fair value of the leased asset, the lease is classified by the lessee as an operating lease.

True or False?

A temporary difference in an expense that is included first on the income statement leads to a deferred tax asset.

True or False?

A company that has 55% ownership in the common stock of another company uses the equity method.