Which of the below statements is FALSE?
A)Typically,income statements are prepared quarterly and annually for distribution outside the company,but usually semiannually for internal managers.
B)Typically,income statements are prepared quarterly and annually for distribution outside the company.
C)The income statement begins with revenue and subtracts various operating expenses until arriving at Earnings Before Interest and Taxes (EBIT).
D)The income statement reports the performance of the firm over the past period.It summaries and categorizes a company's revenues and expenses for that period.

Question

Quizplus · Accepted Answer

Income statements are typically prepared quarterly and annually for distribution outside the company, but usually monthly or quarterly for internal managers. Therefore, statement A is false as it mentions semiannual preparation for internal managers.

Which of the Below Statements Is FALSE