Asked by Yania Isabel Romero on May 08, 2024
Verified
What are interim financial statements?
Interim Financial Statements
Financial reports that cover a period of less than one year, often used to provide a snapshot of a company's financial health to investors and stakeholders on a quarterly or semi-annual basis.
- Explain the definitions of calendar year, accounting period, and fiscal year, and illustrate the distinctions among them.
Verified Answer
MS
Meilin SullivanMay 14, 2024
Final Answer :
Interim financial statements are prepared for a month, quarter or some other portion of the fiscal year. They provide information about the company's financial status to its management, investors, etc. at a given point in time. Interim statements allow management to review the results and make changes prior to the fiscal year-end.
Learning Objectives
- Explain the definitions of calendar year, accounting period, and fiscal year, and illustrate the distinctions among them.
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