The Discrete View of Interim Reporting

question 47

Multiple Choice

The discrete view of interim reporting

• A) Holds that an interim period is a separate accounting period; thus, revenues and expenses should be treated as though they occurred only in one period.
• B) Holds that revenues and expenses should be allocated to the various interim periods.
• C) Holds that revenues and expenses should be reported as they occur.
• D) Holds that an interim period is an integral part of the annual reporting period.

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Definitions:

Owned

Refers to assets or properties controlled by an individual or company.

Individual

Referring to a single human being as distinct from a group, society, or organization, emphasizing personal and unique attributes.

Corporate Chain

A series of related businesses owned by the same company or managed under a single corporate structure, often sharing branding and operational systems.

Independent Retailer

A retail establishment owned and operated by an individual or group, not part of a larger chain of stores.