INTERIM FINANCIAL REPORTING

Question 1

Publicly traded entities are ENCOURAGED to provide interim financial reports at least __________.

Answer 1

SEMI-ANNUALLY

Question 2

TRUE OR FALSE:

Interim financial reporting mandates which entities are required to publish and how frequent.

Answer 2

FALSE

Question 3

Entities covered by reportorial reqs of revised securities act are required to ____________________.

Answer 3

file quarterly interim reports within 45 days after first three quarters.

Question 4

Entities covered by rules on commercial papers and financing act are required to ____________________.

Answer 4

file quarterly interim reports within 45 days after each quarter end

Question 5

Which views on financial reporting are followed?

Answer 5

Both. Integral and independent.

Question 6

What are the components of Interim Financial Reports.

Answer 6

1. Condensed SOFP
2. Condensed SOCI
3. Condensed SOCE
4. Condensed SOCF
5. Selected explanatory notes
6. Condensed income statement (optional)

Question 7

Expenses associated directly with revenue in interim FS are ______________.

Answer 7

Matched against revenue when recognized.

Question 8

Expenses not associated directly with revenue in interim FS are _______________.

Answer 8

Expensed as incurred or allocated over interim periods benefited.

Question 9

What is generally required in the use of estimates in Int. FS?

Answer 9

Greater use of estimation

Question 10

What are inventories measured at?

Answer 10

LCNRV

Question 11

TRUE OR FALSE:

Depreciation and amortization is used ONLY on assets owned during the int. period.

Answer 11

TRUE

Question 12

How to find income tax expense when it comes to the int. FS?

Answer 12

annual effective income TR applied to pretax income.