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Interim financial statements: multiple choice are always prepared before any adjustments have been recorded. show the liabilities above the assets. cover less than one year, usually spanning one-, three-, or six-month periods. report revenues when incurred and expenses when earned.

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Interim Financial Statements: (c) cover less than one year, usually spanning one-, three-, or six-month periods.

What are interim financial statements?

  • An interim statement is a financial report covering a period of less than one year. Interim statements are used to convey the performance of a company before the end of normal full-year financial reporting cycles. Unlike annual statements, interim statements do not have to be audited.
  • Interim statements increase communication between companies and the public and provide investors with up-to-date information between annual reporting periods.
  • Interim statements are financial reports produced by firms covering a period of less than one year. Quarterly reports are commonly used by companies, and may sometimes be mandated by the SEC.

A company is not required to prepare interim financial statements in order for its annual financial statements to comply with IFRS Standards. However, local laws and regulations may require a company to prepare interim financial statements and also specify the frequency – e.g. quarterly or half-yearly

It includes all types of statements like balance sheet, income statement, cash flow statement. These statements are not audited and mostly it is prepared in publicly held companies.

To know more about financial statements check the following,

https://brainly.com/question/24304250

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