________ financial statements are projections for future periods based on forecasts and are typically completed for two to three years into the future.
A) Chronological
B) Pro forma
C) Ad-hoc
D) Concurrent
E) Historical

Question

Quizplus · Accepted Answer

Pro forma financial statements are projections for future periods based on forecasts. They are typically completed for two to three years into the future. Chronological statements refer to financial statements that are presented in chronological order. Ad-hoc statements refer to financial statements that are prepared for a specific, one-time purpose. Concurrent statements refer to financial statements that are prepared at the same time as other financial or business activities. Historical statements refer to financial statements that report on past performance.

________ Financial Statements Are Projections for Future Periods Based on Forecasts