Interim Period and Annual Period: Interim Period is basically defined as financial reporting period which is lesser than the full fiscal year. Annual Period covers the total period of the year. Annually period can be defined as a period between January to December. Benefits of viewing interim period as integral part of annual period rather than separate distinct period.

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Answer 1

Question

Chapter 12, Problem 1UTI

To determine

Interim Period and Annual Period:

Interim Period is basically defined as financial reporting period which is lesser than the full fiscal year.

Annual Period covers the total period of the year. Annually period can be defined as a period between January to December.

Benefits of viewing interim period as integral part of annual period rather than separate distinct period.

Expert Solution & Answer

Answer to Problem 1UTI

There are many benefits of viewing interim period as whole rather than separate distinct period. All transactions pertaining to that period can be combined and viewed as whole rather than transactions for distinct period.

Explanation of Solution

Benefits of viewing interim period as an integral part of larger annual period:

There are several benefits in viewing an interim period as in integral part of larger annual period.

Some of the benefits can be as follows:

There are more meaningful productions of annual results as the result of allocating the information on the expenses.
Special accounting treatment is given to those interim conditions, which do not exist at the year end.
The annual amounts will be vague if special accounting treatments are not available.

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Students have asked these similar questions

Information pertaining to Noskey Corporation’s sales revenue follows: November 20X1 (Actual) December 20X1 (Budgeted) January 20X2 (Budgeted)Cash sales $ 115,000 $ 121,000 $ 74,000Credit sales 282,000 409,000 208,000Total sales $ 397,000 $ 530,000 $ 282,000Management estimates 5% of credit sales to be uncollectible. Of collectible credit sales, 60% is collected in the month of sale and the remainder in the month following the month of sale. Purchases of inventory each month include 70% of the next month’s projected total sales (stated at cost) plus 30% of projected sales for the current month (stated at cost). All inventory purchases are on account; 25% is paid in the month of purchase, and the remainder is paid in…

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Answer 2

Question

Chapter 12, Problem 1UTI

To determine

Interim Period and Annual Period:

Interim Period is basically defined as financial reporting period which is lesser than the full fiscal year.

Annual Period covers the total period of the year. Annually period can be defined as a period between January to December.

Benefits of viewing interim period as integral part of annual period rather than separate distinct period.

Expert Solution & Answer

Answer to Problem 1UTI

There are many benefits of viewing interim period as whole rather than separate distinct period. All transactions pertaining to that period can be combined and viewed as whole rather than transactions for distinct period.

Explanation of Solution

Benefits of viewing interim period as an integral part of larger annual period:

There are several benefits in viewing an interim period as in integral part of larger annual period.

Some of the benefits can be as follows:

There are more meaningful productions of annual results as the result of allocating the information on the expenses.
Special accounting treatment is given to those interim conditions, which do not exist at the year end.
The annual amounts will be vague if special accounting treatments are not available.

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Answer 3

Question

Chapter 12, Problem 1UTI

To determine

Interim Period and Annual Period:

Interim Period is basically defined as financial reporting period which is lesser than the full fiscal year.

Annual Period covers the total period of the year. Annually period can be defined as a period between January to December.

Benefits of viewing interim period as integral part of annual period rather than separate distinct period.

Expert Solution & Answer

Answer to Problem 1UTI

There are many benefits of viewing interim period as whole rather than separate distinct period. All transactions pertaining to that period can be combined and viewed as whole rather than transactions for distinct period.

Explanation of Solution

Benefits of viewing interim period as an integral part of larger annual period:

There are several benefits in viewing an interim period as in integral part of larger annual period.

Some of the benefits can be as follows:

There are more meaningful productions of annual results as the result of allocating the information on the expenses.
Special accounting treatment is given to those interim conditions, which do not exist at the year end.
The annual amounts will be vague if special accounting treatments are not available.

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Answer 4

Question

Chapter 12, Problem 1UTI

To determine

Interim Period and Annual Period:

Interim Period is basically defined as financial reporting period which is lesser than the full fiscal year.

Annual Period covers the total period of the year. Annually period can be defined as a period between January to December.

Benefits of viewing interim period as integral part of annual period rather than separate distinct period.

Expert Solution & Answer

Answer to Problem 1UTI

There are many benefits of viewing interim period as whole rather than separate distinct period. All transactions pertaining to that period can be combined and viewed as whole rather than transactions for distinct period.

Explanation of Solution

Benefits of viewing interim period as an integral part of larger annual period:

There are several benefits in viewing an interim period as in integral part of larger annual period.

Some of the benefits can be as follows:

There are more meaningful productions of annual results as the result of allocating the information on the expenses.
Special accounting treatment is given to those interim conditions, which do not exist at the year end.
The annual amounts will be vague if special accounting treatments are not available.

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Answer 5

Chapter 12, Problem 1UTI

To determine

Interim Period and Annual Period:

Interim Period is basically defined as financial reporting period which is lesser than the full fiscal year.

Annual Period covers the total period of the year. Annually period can be defined as a period between January to December.

Benefits of viewing interim period as integral part of annual period rather than separate distinct period.

Expert Solution & Answer

Answer to Problem 1UTI

There are many benefits of viewing interim period as whole rather than separate distinct period. All transactions pertaining to that period can be combined and viewed as whole rather than transactions for distinct period.

Explanation of Solution

Benefits of viewing interim period as an integral part of larger annual period:

There are several benefits in viewing an interim period as in integral part of larger annual period.

Some of the benefits can be as follows:

There are more meaningful productions of annual results as the result of allocating the information on the expenses.
Special accounting treatment is given to those interim conditions, which do not exist at the year end.
The annual amounts will be vague if special accounting treatments are not available.

Answer 6

Chapter 12, Problem 1UTI

To determine

Interim Period and Annual Period:

Interim Period is basically defined as financial reporting period which is lesser than the full fiscal year.

Annual Period covers the total period of the year. Annually period can be defined as a period between January to December.

Benefits of viewing interim period as integral part of annual period rather than separate distinct period.

Expert Solution & Answer

Answer to Problem 1UTI

There are many benefits of viewing interim period as whole rather than separate distinct period. All transactions pertaining to that period can be combined and viewed as whole rather than transactions for distinct period.

Explanation of Solution

Benefits of viewing interim period as an integral part of larger annual period:

There are several benefits in viewing an interim period as in integral part of larger annual period.

Some of the benefits can be as follows:

There are more meaningful productions of annual results as the result of allocating the information on the expenses.
Special accounting treatment is given to those interim conditions, which do not exist at the year end.
The annual amounts will be vague if special accounting treatments are not available.

Answer 7

Chapter 12, Problem 1UTI

To determine

Interim Period and Annual Period:

Interim Period is basically defined as financial reporting period which is lesser than the full fiscal year.

Annual Period covers the total period of the year. Annually period can be defined as a period between January to December.

Benefits of viewing interim period as integral part of annual period rather than separate distinct period.

Answer 8

Expert Solution & Answer

Answer to Problem 1UTI

There are many benefits of viewing interim period as whole rather than separate distinct period. All transactions pertaining to that period can be combined and viewed as whole rather than transactions for distinct period.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Benefits of viewing interim period as an integral part of larger annual period:

There are several benefits in viewing an interim period as in integral part of larger annual period.

Some of the benefits can be as follows:

There are more meaningful productions of annual results as the result of allocating the information on the expenses.
Special accounting treatment is given to those interim conditions, which do not exist at the year end.
The annual amounts will be vague if special accounting treatments are not available.

Answer 12

Ch. 12 - Prob. 1UTI Ch. 12 - Prob. 2UTI Ch. 12 - Prob. 3UTI Ch. 12 - Prob. 4UTI Ch. 12 - Prob. 1.1E Ch. 12 - Prob. 1.2E Ch. 12 - Prob. 1.3E Ch. 12 - Prob. 1.4E Ch. 12 - Prob. 1.5E Ch. 12 - Prob. 1.6E

Answer to Problem 1UTI

Explanation of Solution

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