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7. Which of the following statements is true regarding SFAS 109 and its use of the asset and liability approach?

7. Which of the following statements is true regarding SFAS 109 and its use of the asset and liability approach?
A. Considerable flexibility is permitted in the balance sheet classification of deferred tax amounts.
B. The approach recognizes the time value of money.
C. The approach is consistent with a relatively recent balance sheet emphasis of the FASB and IASB in accounting standards.
D. The approach consistent with cash basis accounting.

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