How Does GAAP View Interim Accounting Periods

question 10

Multiple Choice

How does GAAP view interim accounting periods?

• A)As discrete units for which net income may be separately determined
• B)As integral units of the entire year for which each interim period is an essential part of an annual period
• C)As integral units of the entire year with each interim period as an independent accounting period
• D)As discrete units of the entire year using the same principles that are applied to the annual period

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