Interim statements:
A)Are required by Congress.
B)Are necessary to achieve full disclosure about a business's operations.
C)Are usually monthly or quarterly statements prepared in between the traditional, annual statement dates.
D)Require the use of the perpetual method for inventories.
E)Cannot be prepared if the company follows the conservatism principle.

Question

Quizplus · Accepted Answer

Interim statements are usually prepared monthly or quarterly in between the annual statement dates to provide timely information about a company's financial performance. They are not required by Congress and do not necessarily require the use of the perpetual method for inventories. While they may be affected by the conservatism principle, they can still be prepared in accordance with Generally Accepted Accounting Principles (GAAP) and provide full disclosure about a business's operations.

Interim Statements