Which of the Following Is True of a Company's Quarterly

question 32

Multiple Choice

Which of the following is true of a company's quarterly report?

• A)Contains the same detail as is found in the annual report.
• B)Is an audited report.
• C)Does not include any discussion of financial results.
• D)Has the benefit of being released on a timelier basis.

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Definitions:

Accounts

Financial records that track the transactions and balances for specific items such as assets, liabilities, equity, revenue, and expenses.

Debit

An accounting entry that results in either an increase in assets or a decrease in liabilities or equity on a company's balance sheet.

Credit

An accounting entry that increases a liability or equity account, or decreases an asset or expense account. It is also used in banking to denote the addition of funds to an account.

Credit Side

The right side of an accounting ledger, used for recording increases in liabilities, equity, and revenue, and decreases in assets and expenses.