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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

__________ are prepared during the fiscal year for periods of less than 12 months.

  1. a. Work sheets
  2. b. Intermediary statements
  3. c. Interim statements
  4. d. In-between statements

To determine

Find the correct option, the option that indicates the correct term for the given explanation.

Explanation

Financial statements: Financial statements are condensed summary of transactions communicated in the form of reports for the purpose of decision making.

Justification for correct answer: Interim financial statements are the financial statements that are prepared in less than 12 month period of the fiscal year of a company. Interim financial statements are prepared to know the financial status of a company during the fiscal year, instead of waiting till the end of fiscal year...

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