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Naya [18.7K]
3 years ago
13

Interim financial statements: Multiple Choice Are required by the Congress. Are necessary to achieve full disclosure about a bus

iness's operations. Are statements prepared for periods of less than one year. Require the use of the perpetual method for inventories. Cannot be prepared if the company follows the conservatism principle.
Business
1 answer:
GaryK [48]3 years ago
5 0

Answer:

Are statements prepared for periods of less than one year.

Explanation:

Interim Financial Statements

This is simply known as a financial statements prepared for a timeframe (period) that is part of the entity's annual fiscal period. discontinued operations and extraordinary items that occur at midyear initially are often reported  in net income and open up in the notes to interim financial statements.The fundamental principle guarding interim reporting is that

interim reports must be considered as a part of the integral of the annual reporting period.

An interim statement as a financial report timeframe is often less than one year. It often shows an organisation's performance before the end of normal full-year financial reporting cycles and often, this statements do not need to be audited.

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Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from
navik [9.2K]

Answer:

Explanation:

The closing entry of the income summary account is shown below:

Income summary A/c Dr   $81,300

    To Retained Earning A/c             $81,300

((Being the difference is credited to retained earning))

The retained earning balance is calculated by taking a difference between:

= Annual revenues - Expenditure

= $185,000 - $103,700

= $81,300

The income summary should always be closed after closing of revenue and expenditure account.

6 0
3 years ago
What are assets?
mixer [17]

Answer:

items in your belongings

6 0
2 years ago
On common size balance sheets, Company A's inventory is 8% and Company B's inventory is 14%. What do just these two percentages
uysha [10]

On common-size balance sheets, Company B is better at turning its stock than Company A.The reason, that organization B has an excessive stock turnover ratio is the stock of the employer is properly controlled than the employer A. sales might be much less in agency A.

A balance sheet gives you a photograph of your enterprise's monetary role at a given point in time. along with an earnings declaration and a cash float announcement, a balance sheet can assist enterprise owners to evaluate their organization's financial status.

In financial accounting, a balance sheet is a summary of the economic balances of a character or employer, whether or not it be a sole proprietorship, a business partnership, an organization, a personal limited enterprise, or a different corporation consisting of authorities or now not-for-earnings entity.

A balance sheet affords a picture of a business' fitness at a factor in time. it's far a precis of what the enterprise owns (assets) and owes (liabilities). stability sheets are normally organized at the close of an accounting period together with month-stop, sector-stop, or year-stop.

Learn more about the balance sheets here: brainly.com/question/1113933

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7 0
2 years ago
A(n) ____ is the transfer of the control of operations and management from one firm to another with the former becoming a unit o
olya-2409 [2.1K]

Answer:

acquisition

Merger

Explanation:

Acquisition is when a company purchases almost all the shares of another company in order to have full control over it. For companies that are distressed or are not able to operate as a going concern, such can put up the company for sale.

In acquisition, the buying company oftentimes retain its name which is already a brand , work and build on the strength of the old company in order to achieve returns. Companies acquire other companies in order to have large market shares and also to diversify their business operation.

One of the benefit of acquisition is that it gives room for fresh ideas due to coming together of different people and also brings people that are experts in their various fields.

Merger is when two or more firms comes together to form a single entity.

Companies or firm merge in order to form an alliance and also send strong signals to other competitors.

Firms also merge in order to increase their financial capacity. This will enable them to be able to finance their business operations. They are also able to increase their asset base as a result of the merger.

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3 years ago
If a company pays an energy consultant just for a set period to complete a
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This is true
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