True or false(if it's false say why it's false): 1- When you have a NOL you can use the amount to reduce the amount of taxes owed for a given period. 2-The amount that can be reduced can either be carried back 5 years or forward 10 years. 3- A deferred tax occurs when you have a difference between the amount owed on the financial statements from the amount shown as being owed on the tax return. 4-A deferred tax asset is due to the increase in taxes payable in future years. 5- A deferred tax liability does not have to be related to a transaction that has already occurred. 6- A deferred tax asset will only result from a transaction that will occur in the future. 7- The term NOL means: a. Not On Loan b. Net Operating Loss c. Never Operating Longer d. No Onions Left. Please, professor if any of the sentences is false, say why it's false. Thanks