In Considering Interim Financial Reporting, How Does APB Opinion No

question 32

Multiple Choice

In considering interim financial reporting, how does APB Opinion No. 28 conclude that such reporting should be viewed?

• A) As reporting for a basic accounting period
• B) As useful only if activity is evenly spread throughout the year so that estimates are unnecessary
• C) As a "special" type of reporting that need not follow generally accepted accounting principles
• D) As reporting for an integral part of an annual period

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Definitions:

Common Sense

Practical judgement concerning everyday matters, or a basic ability to perceive, understand, and judge things shared by nearly all people.

Learned System

A body of knowledge or behaviors acquired through experience or education rather than being instinctual.

Beliefs

Convictions or acceptances that something exists or is true, especially without proof.

Norms

Societal or group-established standards of behavior.