Interim financial information is a basic and necessary element of financial statements that conform to GAAP.

Name: Interim financial information is a basic and necessary element of financial statements that conform to GAAP.
Brand: Quizplus
Rating: 4.8 (33 reviews)

Question

Quizplus · Accepted Answer

Interim financial information, while useful, is not considered a basic and necessary element of financial statements that conform to Generally Accepted Accounting Principles (GAAP). GAAP focuses on annual financial statements.

Interim Financial Information Is a Basic and Necessary Element of Financial