Interim Financial Statements Refer to Financial Reports

question 1

Multiple Choice

Interim financial statements refer to financial reports:

• A) That show the assets above the liabilities and the liabilities above the equity.
• B) That cover less than one year, usually spanning one, three, or six-month periods.
• C) That are prepared before any adjustments have been recorded.
• D) Where the adjustment process is used to assign revenues to the periods in which they are earned and to match expenses with revenues.
• E) Where revenues are reported on the income statement when cash is received and expenses are reported when cash is paid.