________ financial statements reflect past performance and are usually prepared on a quarterly and annual basis.
A) Chronological
B) Ad-hoc
C) Historical
D) Concurrent
E) Pro forma

Question

Quizplus · Accepted Answer

Historical financial statements reflect past performance and are usually prepared on a quarterly and annual basis. Chronological and ad-hoc do not accurately describe financial statements. Concurrent financial statements are used to show current financial status and pro forma financial statements are future-oriented.

________ Financial Statements Reflect Past Performance and Are Usually Prepared