Reference no: EM131266938
Exxon recorded an expense and corresponding liability to recognize potential losses relating to an oil spill in 2006 of $10 million. Its net income for the year was $200 million. It was not able to take a deduction for tax purposes until later years when it actually paid cash out in relation to this event. In 2006, with respect to this, Exxon would have:
A. recognized a deferred tax liability
B. recognized a tax loss carryforward
C. recognized a deferred tax asset
D. recognized a deferred equity loss
The short-term liquidity of a company:
A. is only of concern to investors, not creditors, of a company
B. is determinable by looking at debt to equity ratio
C. depends largely upon prospective cash flows
D. is determinable by calculating cash to current liabilities ratio.
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