With Regard to Deferred Tax Items, a Company Must Disclose

question 20

Multiple Choice

With regard to deferred tax items, a company must disclose all of the following except ________.

• A) the amount and expiration of carryforwards for net operating losses and unused tax credits
• B) the amount of the valuation allowance or any change in valuation allowance
• C) the individual components of all significant deferred tax assets and deferred tax liabilities
• D) All of the above must be disclosed.

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Definitions:

Multifidus

The multifidus is a deep muscle of the back that stabilizes the vertebrae during movement and helps maintain proper posture.

Psoas Minor

A slender muscle of the human body, located anterior to the psoas major muscle, that plays a role in flexing the lumbar region of the vertebral column.

Trapezius

A large, triangular muscle extending over the back of the neck and shoulders, involved in moving, rotating, and stabilizing the scapula and extending the neck.

Scapula

A flat, triangular bone located in the upper back, commonly known as the shoulder blade, that connects the humerus with the clavicle.