I really need help right now guys! Please help me and check if this is correct.

Incorn 490 Chapter 9 PROBLEMS 2. PROBLEM 1: TRUE OR FALSE TRUE 1. PAS 12 Income Taxes requires reporting entities to use the asset and liability method of accounting for income taxes. FALSE 2. Rent revenue received in advance is recognized as revenue for financial reporting purposes prior to its recognition for tax purposes. (Ad 3. Estimated warranty liabilities are deductible on the tax return prior to being reported in the income statement. 3. FALSE 4 . "Unrealized losses on held for trading securities" result in lower taxable income than financial accounting income. TRUE 5. The government uses the income tax laws for raising tax revenues and for implementing fiscal policy. TRUE 6. Permanent differences between financial and taxable income do not create any accounting or reporting problems. FALSE 7. Nontaxable revenues are added to, and nondeductible expenses are deducted from, financial income to determine the income that is subject to tax. 8. Current tax laws in the Philippines require a 3-year carryback of any net operating losses. 9. Current tax laws in the Philippines permit a 3-year carryforward of net operating losses. TRUE 10. The benefit that arises from the use of net operating loss carryforwards is used to reduce the tax payment in the current period