**Question:** A deferred tax account is classified on the balance sheet as:- ○ A net noncurrent amount- ○ A net current amount- ○ It should never appear on the balance sheet- ○ Either a current or a noncurrent liabilityThis question explores how deferred tax accounts are represented on a balance sheet. Understanding classification is vital for accurate financial reporting and analysis.

Answered: A deferred tax account is classified on…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A deferred tax account is classified on the balance sheet as: A net noncurrent amount A net current amount O It should never appear on the balance sheet Either a current or a noncurrent liability