Listed below are 10 terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the most correct term. - Produces future taxable amounts or future deductible amounts. - Will generate a refund of taxes paid in prior years. - Is the process of allocating income taxes among two or more reporting periods. - Is reduced by a valuation allowance if realization of future tax benefit is not more likely than not. - Arises when future taxable amounts are created by temporary differences. - Will always create a deferred tax asset. - Is a process of allocating income tax expense among income from continuing operations. - A "plug" for the net effect of the current tax liability and changes in deferred tax assets and liabilities. - Is the basis for computing the tax liability for taxes currently payable. - No tax consequences. A. Taxable income B. Deferred tax asset C. Deferred tax liability D. Operating loss carryforward E. Income tax expense F. Temporary difference G. Operating loss carryback H. Permanent difference I. Intraperiod tax allocation J. Interperiod tax allocation

1. Temporary difference.

2. Operating loss carryback.

3. Interperiod tax allocation.

4. Deferred tax asset.

5. Deferred tax liability.

6. Operating loss carryforward.

7. Intraperiod tax allocation.

8. Income tax expense.

9. Taxable income.

10. Permanent difference.

Explanation:

1. Temporary difference: Produces future taxable amounts or future deductible amounts.

2. Operating loss carryback: Will generate a refund of taxes paid in prior years.

3. Interperiod tax allocation: Is the process of allocating income taxes among two or more reporting periods.

4. Deferred tax asset: Is reduced by a valuation allowance if realization of future tax benefit is not more likely than not.

5. Deferred tax liability: Arises when future taxable amounts are created by temporary differences.

6. Operating loss carryforward: Will always create a deferred tax asset.

7. Intraperiod tax allocation: Is a process of allocating income tax expense among income from continuing operations.

8. Income tax expense: A "plug" for the net effect of the current tax liability and changes in deferred tax assets and liabilities.

9. Taxable income: Is the basis for computing the tax liability for taxes currently payable.

10. Permanent difference: No tax consequences.