Question: 7) Future taxable amounts are temporary differences that result in deferred tax liabilities. (True or False) 8) Deferred tax assets are originally recorded as a

7) Future taxable amounts are temporary differences that result in deferred tax liabilities. (True or False)

8) Deferred tax assets are originally recorded as a debit account and are credited when the account reverses in future years. ( True or False)

9) Interest from tax exempt municipal bonds cause financial accounting income to be greater than taxable income. ( True or False)

10) Rent collected in advance is an example of a temporary difference which will give rise to a deferred tax asset. (True or False)

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