Question

Interim financial statements refer to financial reports: Multiple Choice That cover less than one year, usually spanning one, three, or six-month periods. That are prepared before any adjustments have been recorded. That show the assets above the liabilities and the liabilities above the equity. Where revenues are reported on the income statement when cash is received and expenses are reported when cash is paid. That show assets and liabilities, but not equity.

Answer 1

Answer:

That cover less than one year, usually spanning one, three, or six-month periods.

Explanation:

Interim financial statements are the financial statements for a period covering less than a year.

they are used to convey the performance of a firm before the end of a full reporting cycle

Interim statements are not audited unlike the annual reports.

Components of an interim financial statement includes:

(a) condensed balance sheet

(b) condensed statement of profit and loss;

(c) condensed cash flow statement

(d) selected explanatory notes.