Which statement is incorrect concerning tax assets and liabilities? * . When an entity makes distinction between current and non-current assets and liabilities, it should not classify deferred tax assets and liabilities as current. Tax assets and liabilities should be presented separately from other assets and liabilities in the statement of financial position. O Deferred tax assets and liabilities should be discounted. O Deferred tax assets and liabilities should be distinguished from current tax assets and liabilities.

Which statement is incorrect concerning tax assets and liabilities? * . When an entity makes distinction between current and non-current assets and liabilities, it should not classify deferred tax assets and liabilities as current. Tax assets and liabilities should be presented separately from other assets and liabilities in the statement of financial position. O Deferred tax assets and liabilities should be discounted. O Deferred tax assets and liabilities should be distinguished from current tax assets and liabilities.

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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