Interim financial statements:
A)Cover a period less than one year.
B)Cover only periods of one quarter (of a year).
C)Cover periods greater than a year.
D)Cannot cover a period of one month or less.

Question

Quizplus · Accepted Answer

Interim financial statements are prepared to cover a period less than one year. They are usually prepared on a quarterly basis, but they can also cover any other period of time shorter than one year. Therefore, option B and C are incorrect. Option D is incorrect as well because interim financial statements can cover a period of one month or less depending on the company's requirements.

Interim Financial Statements