Interim Financial Reporting Flashcards
1
Q
Matching Revbenues and Expenses
A
by quarter
2
Q
Interim financial reporting should be viewed primarily
A
reporting for an integral part of an annual period
3
Q
Income tax
A
estimate of effective tax rate applicable to full year
4
Q
When the loss is probable and estimable, the expected loss must be
A
recorded in full
5
Q
Permanent declines in inventory market value should be reflected
A
in interim financial statements in the period incurred.
6
Q
Temporary declines that are expected to reverse
A
should not be recorded until YE
7
Q
How are discontinued operations that occur at midyear initially reported?
A
included in net income and disclosed in the interim financial statement notes.
