Interim Financial Statements Refer to Financial Reports That

question 32

Multiple Choice

Interim financial statements refer to financial reports that:

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