Pro forma financial statements are prepared at the end of the year and are used to evaluate the performance of managers.

Question

Quizplus · Accepted Answer

Pro forma financial statements are not prepared at the end of the year, but rather are projected statements used for future planning and decision making. They are not typically used to evaluate the performance of managers, but rather to assess the financial impact of potential business decisions.

Pro Forma Financial Statements Are Prepared at the End of the Year