Which of the following statements is correct?
A) Deferred tax assets/liabilities are always classified as current on the balance sheet.
B) The classification of deferred tax assets/liabilities depends on whether the related asset is current or noncurrent.
C) Deferred tax assets are classified based on their expected reversal dates.
D) Deferred tax assets/liabilities are classified as noncurrent on the balance sheet.

Question

Quizplus · Accepted Answer

The classification of deferred tax assets/liabilities depends on whether the related asset is current or noncurrent.

Which of the Following Statements Is Correct