Interim Financial Reporting

Question 1

Interim reporting is ____ _____ under GAAP or IFRS

Answer 1

not required

Question 2

Interim reporting is generally concerned with _____ reports that public companies must file with the _____

Answer 2

quarterly; SEC

Question 3

______ allows certain principles and practices to be modified when preparing the interim financial statements. _____ requires preparation using the same principles and practices used in annual preparation

Answer 3

GAAP; IFRS

Question 4

The ______ principle still applies to quarterly reports

Answer 4

matching

Question 5

For interim reporting only, ________ is emphasized over reliability

Answer 5

timeliness

Question 6

Interim financial reports are:

Answer 6

unaudited

Question 7

_____ does not establish presentation minimums for interim reporting

Answer 7

GAAP

Question 8

Interim financial statements are an ______ part of annual financial statements

Answer 8

integral

Question 9

Income tax expense is _______ each quarter

Answer 9

estimated

Question 10

The general rule of estimating income taxes is to multiply the year-to-date income by the estimated _____ ___ _____ and subtract the result from the provision included in the previous quarter

Answer 10

effective tax rate

Question 11

_____ allows the effective tax rate to be estimated

Answer 11

IFRS

Question 12

____ allows the use of enacted tax rates only

Answer 12

GAAP