Financial statements prepared during the fiscal year for periods of less than twelve months are called
A) temporary statements.
B) internal statements.
C) interim statements.
D) nominal statements.
E) external statements.

Question

Quizplus · Accepted Answer

Financial statements prepared during the fiscal year for periods of less than twelve months are called interim statements. These statements provide information for a specific period within the fiscal year, often used for internal reporting, analysis and decision making. They are different from annual or external financial statements which are prepared at the end of the fiscal year and cover the full twelve-month period.

Financial Statements Prepared During the Fiscal Year for Periods of Less