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The discrete view of interim reporting Is required by US GAAP Holds that an interim period is a separate accounting period; thus, revenues and expenses should be treated as though they occurred only in one period Holds that an interim period is an integral part of the annual reporting period Holds that expenses for interim periods are based on estimates of total annual expenses

The discrete view of interim reporting Is required by US GAAP Holds that an interim period is a separate accounting period; thus, revenues and expenses should be treated as though they occurred only in one period Holds that an interim period is an integral part of the annual reporting period Holds that expenses for interim periods are based on estimates of total annual expenses

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The discrete view of interim reporting Is required by US GAAP Holds that an interim period is a separate accounting period; thus, revenues and expenses should be treated as though they occurred only in one period Holds that an interim period is an integral part of the annual reporting period Holds that expenses for interim periods are based on estimates of total annual expenses
Transcribed Image Text:The discrete view of interim reporting Is required by US GAAP Holds that an interim period is a separate accounting period; thus, revenues and expenses should be treated as though they occurred only in one period Holds that an interim period is an integral part of the annual reporting period Holds that expenses for interim periods are based on estimates of total annual expenses
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