Under IAS 1, Presentation of Financial Statements, How Must Deferred

question 50

Multiple Choice

Under IAS 1, Presentation of Financial Statements, how must deferred taxes be classified on the balance sheet?

• A) As either a current asset or a current liability
• B) As either a noncurrent asset or a noncurrent liability
• C) As either a current or noncurrent asset or liability based on the expected timing of realization
• D) As a separately stated positive or negative component of equity

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Definitions:

Acinar Cell

A type of cell in the pancreas that produces digestive enzymes, which are secreted into the small intestine.

Digestive Organ

An organ involved in the digestion process, breaking down food into absorbable forms.

Bile

A digestive fluid produced by the liver and stored in the gallbladder, it aids in the digestion and absorption of fats in the small intestine.

Pharynx

The muscular tube that connects the mouth and nasal passages with the esophagus and larynx, serving both respiratory and digestive functions.