FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

Please answer, with explanations.

1. Interim financial statements are usually presented on a A. Monthly basis B. Quarterly basis C. Semiannually basis D. Nine-month basis 2. A gain is both unusual and infrequent, and occurs in the second fiscal quarter. How should the gain be accounted for? A. Recognized in full in the second quarter. B. Recognized equally over the second, third, and fourth quarters. C. Recognized only in the annual financial statements. D. Recognized equally in each quarter, by restating the first quarter.
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Transcribed Image Text:1. Interim financial statements are usually presented on a A. Monthly basis B. Quarterly basis C. Semiannually basis D. Nine-month basis 2. A gain is both unusual and infrequent, and occurs in the second fiscal quarter. How should the gain be accounted for? A. Recognized in full in the second quarter. B. Recognized equally over the second, third, and fourth quarters. C. Recognized only in the annual financial statements. D. Recognized equally in each quarter, by restating the first quarter.
30. When interim financial statements are prepared, they should be prepared A. Employing the same accounting principles used for annual reports. B. Without determining estimated income tax expense. C. Quarterly only, not on a monthly basis. D. Containing only operating income data.
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Transcribed Image Text:30. When interim financial statements are prepared, they should be prepared A. Employing the same accounting principles used for annual reports. B. Without determining estimated income tax expense. C. Quarterly only, not on a monthly basis. D. Containing only operating income data.
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