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.

Question

Quizplus · Accepted Answer

The discrete view of interim reporting holds that each interim period is a separate accounting period, and thus revenues and expenses should be treated as though they occurred only in one period. This means that the financial statements for each interim period should be prepared as standalone statements, without considering prior or future periods.

The Discrete View of Interim Reporting