Which statement is true regarding interim reporting? A. Interim reports are required on a quarterly basis B. Interim reports are not required C. Interim reports require the preparation of only an income statement and a statement of financial position D. All of the choices are true
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Which statement is true regarding interim reporting?
A. Interim reports are required on a quarterly basis
B. Interim reports are not required
C. Interim reports require the preparation of only an income statement and a
D. All of the choices are true
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- Which statement is true regarding interim financial statements? interim financial statements must be presented with the most recent annual financial statements if interim financial statements are presented, only a statement of financial position and a statement of comprehensive income are required interim financial statements are required if interim financial statements are presented, four basic financial statements are requiredWhich of the following best describes the proper accounting for interim financial reports? a. The interim period is viewed as an integral part of the annual accounting period. b. The interim period is viewed as a distinct, independent accounting period. c. Interim net income should be determined by using the same principles as those for the annual accounting period. d. Net income should be computed on the cash basis except for sales, cost of goods sold, and depreciation.Choose the correct. In considering interim financial reporting, how does current U.S. GAAP require that such reporting be viewed?a. As a special type of reporting that need not follow generally accepted accounting principles.b. As useful only if activity is evenly spread throughout the year making estimates unnecessary.c. As reporting for a basic accounting period.d. As reporting for an integral part of an annual period.
- Entities should disclose all of the following in interim financial report, except: a. Basic and diluted earnings per share b. Change in accounting policy c. Events after the end of reporting period d. Seasonal revenue, cost or expensesIn considering interim financial reporting, how does current U.S. GAAP require that such reporting be viewed?a. As a special type of reporting that need not follow generally accepted accounting principles.b. As useful only if activity is evenly spread throughout the year making estimates unnecessary.c. As reporting for a basic accounting period.d. As reporting for an integral part of an annual period.How should material seasonal variations in revenue be reflected in interim financial statements?a. The seasonal nature should be disclosed, and the interim report should be supplemented with a report on the 12-month period ended at the interim date for both the current and preceding years.b. The seasonal nature should be disclosed, but no attempt should be made to reflect the effect of past seasonality on financial statements.c. The seasonal nature should be reflected by providing pro forma financial statements for the current interim period.d. No attempt should be made to reflect seasonality in interim financial statements.
- 1. Which one among the following statements is not a characteristic of the integral view of presenting interim financial statements? a. It is the more acceptable view. b.Each interim period is recognized as a separate accounting period, regardless of the length of time involved. c. Each interim period is a part of the annual period. d.The revenues and expenses for the annual period are allocated among interim periods 2. What is correct concerning the 75% overall size test for operating segments? a.The total external and internal revenue of all reportable segments is 75% or more of the entity’s external revenue. b.The total external revenue of all reportable segments is 75% or more of the entity’s external and internal revenue. c. The total external revenue of all reportable segments is 75% or more of the entity’s external revenue. d. The total internal revenue of all reportable segments is 75% or more of the entity’s internal revenue. 3. If an entity prepares interim financial…There is a general requirement that the statement of financial position and the statement of profit or loss and other comprehensive income must be prepared on the basis of conditions existing _______. Select one alternative: at any time during the reporting period at the end of the reporting period at the middle of the reporting period at the beginning of the reporting periodWhat are interim financial statements? Do accounts thatappear in a company’s interim balance sheet require anyspecial computations to be reported correctly? Explain.
- Which type of accounting reports are prepared on yearly basis? Select one: a. Financial Accounting b. Cost Accounting c. Management Accounting d. None of the above.Choose the correct statement below:A. The report form of presenting the statement of financial position follows that of an account, meaning, the assets are shown on the left side and the liabilities and equity on the right side.B. A financial liability due within twelve months after the reporting period shall be classified as noncurrent when it is refinanced on a long-term basis before the issue of financial statements.C. Current and noncurrent presentation of assets and liabilities provides useful information when the entity supplies goods or services within a clearly identifiable operating cycle.D. When there is much variability, the operating cycle is measured at the mean value.Listed below are the current Accounting Assumptions and Principles Economic Entity Assumption Monetary Unit Assumption Historical Cost Principle Going Concern Assumption Revenue Recognition Principle Full Disclosure Principle Time Period Assumption Matching Principle Required: For the following situations, identify whether the situation represents a violation or a correct application of GAAP, and which assumption/principle is applicable. a. In May 2021, Regent Corporation recorded as revenue $5,000 received in advance from a customer for a job that would be completed in June 2021. Violation: (Yes/No) Applicable Assumption/Principle: b. Sally Maze made sure to keep her personal expenditures separate from her marketing company books.…