Current Attempt in Progress A deferred tax liability represents the: 0 decrease in taxes payable in future years as a result of taxable temporary differences. 0 decrease in taxes saved in future years as a result of deductible temporary differences. 0 increase in taxes payable in future years as a result of taxable temporary differences. 0 increase in taxes saved in future years as a result of deductible temporary differences eTextbook and Media save for Later Attempts: 0 of 2 used Deferred tax expense is the: 0 increase in a deferred tax asset. 0 amount of income taxes payable for the period. 0 increase in a deferred tax \"ability 0 decrease in a deferred tax liability. eTextbook and Media Save for Later Attempts: 0 of 2 used Current Attempt in Progress In the financial reporting according to GAAP income tax expense is based on: O taxable income. O operating income. O income from continuing operations. O pretax financial income. eTextbook and Media Save for Later Attempts: 0 of 2 used Submit AnswerCurrent Attempt in Progress A net operating loss (NOL) occurs for tax purposes in a year when tax-deductible expenses exceed taxable revenues. Companies can reduce future taxable income on the amount of NOL in the following way: O may carry the net operating loss forward indefinitely. O must always be carried back 2 years. O must always be carried forward 20 years. O may be carried back 2 years or carried forward up to 20 years. e Textbook and Media Save for Later Attempts: 0 of 2 used Submit AnswerCurrent Attempt in Progress All of the following are examples of temporary differences that result in taxable amounts in future years except: 0 long-term construction contracts (percentage-ofcompletion). O subscriptions received in advance. 0 installment sales 0 investments accounted for under the equity method. eTextbook and Media Save for Later Attempts: 0 of 2 used