"A company has two temporary differences resulting in deferred tax consequences." One difference results in a deferred tax asset; the other difference results in a deferred tax liability. The deferred tax asset is greater than the deferred tax liability. How should the company report the deferred tax consequences of the temporary differences on the balance sheet

The deferred tax are reported as non-current on the balance sheet.

Explanation:

Non-current field in a balance sheet include valuation allowance along with deferred tax.

Deferred tax can fall under the category of liability or asset.

When a company pays extra or advance tax to the government, it falls under deferred tax asset category and same will be returned back to the company.

When there is a difference between company's accounting and tax carrying values, then deferred tax is considered as liability in the balanced sheet.

In case deferred tax is a liability then company will have to pay that extra tax because of a transaction that took place in this period and resulted in the difference.

commercial banking

provide online payment services

provide online banking

asset management firms

invest in people's funds in securities

accept tax return refunds