Preparation of interim financial statements:
A) Makes the preparation of year-end financial statements unnecessary.
B) Requires the journalizing and posting of adjusting entries.
C) Requires the journalizing and posting of closing entries.
D) Is done monthly or quarterly, in-between the year-end financial statements.

Question

Quizplus · Accepted Answer

Interim financial statements are prepared monthly or quarterly in-between the year-end financial statements. Adjusting and closing entries are not required for interim financial statements. However, these statements do not make the preparation of year-end financial statements unnecessary.

Preparation of Interim Financial Statements