Deferred Taxes Should Be Presented on the Statement of Financial

question 58

Multiple Choice

Deferred taxes should be presented on the statement of financial position

• A)as one net debit or credit amount.
• B)as a net amount in the non-current section.
• C)in two amounts: one for the net debit amount and one for the net credit amount.
• D)as reductions of the related asset or liability accounts.

---

Definitions:

Aggregate Supply Curve

The graphical representation of the total goods and services that producers in an economy are willing to sell at various price levels.

Price Level

The economy-wide average price for the entirety of goods and services produced.

Profit Per Unit

The amount of net income earned by selling one unit of a product, calculated as the sales price minus the cost of production per unit.

Aggregate Supply Curve

A graphical representation that shows the total quantity of goods and services that producers in an economy are willing and able to supply at different price levels.