1. Interim financial statements are usually presented on a A. Monthly basis B. Quarterly basis C. Semiannually basis D. Nine-month basis
1. Interim financial statements are usually presented on a A. Monthly basis B. Quarterly basis C. Semiannually basis D. Nine-month basis
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffaa30df9-c459-4ca8-a349-f55c98007ebb%2F935d0a2e-3665-45e2-a623-a75870d54050%2Fsi7yoph_processed.jpeg&w=3840&q=75)
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffaa30df9-c459-4ca8-a349-f55c98007ebb%2F935d0a2e-3665-45e2-a623-a75870d54050%2F4hj22g9_processed.jpeg&w=3840&q=75)
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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