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Business
Accounting
Net operating loss carryforwards in the year of the loss Increase a pretax loss on the income statement Are included in AOCI Are reported directly in retained earnings Reduce a pretax loss on the income statement A deferred tax asset can arise if Accounting revenues exceed tax revenues Accounting expenses are more than tax expenses Both of the above Neither of the above

Net operating loss carryforwards in the year of the loss Increase a pretax loss on the income statement Are included in AOCI Are reported directly in retained earnings Reduce a pretax loss on the income statement A deferred tax asset can arise if Accounting revenues exceed tax revenues Accounting expenses are more than tax expenses Both of the above Neither of the above

FINANCIAL ACCOUNTING
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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Net operating loss carryforwards in the year of the loss

  1. Increase a pretax loss on the income statement
  2. Are included in AOCI
  3. Are reported directly in retained earnings
  4. Reduce a pretax loss on the income statement

A deferred tax asset can arise if

  1. Accounting revenues exceed tax revenues
  2. Accounting expenses are more than tax expenses
  3. Both of the above
  4. Neither of the above
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