A.A temporary difference giving rise to future deductible amounts (a deferred tax asset); these include expenses recognized in financial income before tax income and revenues recognized in taxable income before financial income)

B.A temporary difference giving rise to future taxable amounts (a deferred tax liability); these include revenue recognized in financial income before taxable income and expenses recognized in taxable income before financial income)

C.A permanent difference

1.For depreciation of fixed assets Horizons Company uses straight-line depreciation for accounting purposes and MACRS depreciation for tax purposes. B _____

2.Horizons Company has collected rent in advance from its lease tenants.A______

3.Horizons Co. paid $5,000 in life insurance premiums for key officers.C______

4.An accrued revenue was reported on the income statement for the current year but will be taxable when collected. B_____

5.Horizons Co. collected subscriptions in advance for a magazine it publishes. A______

6.The amount funded for the Horizons Co. pension plan was less than expensed on the income statement.Only the funded amount is deductible on the tax return. A_______

7.Prepaid advertising expense is deferred and amortized for financial reporting purposes and deducted as an expense when paid for tax purposes. B_____

8.Interest was received on an investment in municipal liabilities. C _____

9.The costs of warranties were estimated and accrued for accounting purposes. A______

10.Proceeds were received from a life insurance company for the death of key company officers with a company life insurance policy. C_____

11.Horizons Co. recognized a loss due to a decline in the fair value of investments classified as trading marketable equity securities. A ____

12.Horizons Co. paid a fine for violation of a law. C______

13.Estimated losses on pending lawsuits were accrued for financial statement purposes.These losses will be tax deductible in the year realized. A____

Note: i have solution answers from teacher already. Can you explain details why those excercise is Defered tax asset, deferred tax liability, and Permanent difference.