A. A deferred tax liability is classified as current or noncurrent based on the classification of the asset or liability to which it relates. Answers to True/False: 1. True 2. False 3. False 4. False 5. True Multiple Choice Questions 1. Which of the following is false regarding accounting for deferred taxes under iGAAP? A. A deferred tax liability is classified as current or noncurrent based on the classification of the asset or liability to which it relates. B. A deferred tax asset is recognized up to the amount that is probable to be realized. C. Tax effects of certain items are recognized in equity. D. The rate used to compute deferred taxes is either the enacted tax rate, or a substantially enacted tax rate (virtually certain). 2. Jerome Co. What amount would Jerome Co. Report as a noncurrent deferred tax liability under iGAAP and under U.S. GAAP