Which of the following statements concerning interim, Ask an Expert

Accounting

Which of the following statements concerning interim financial reports is incorrect?

A) Accrual accounting is used for revenue and expense recognition

B) Extraordinary items are reported in annual but not interim financial reports

C) LIFO liquidation is not reported for interim purposes, unless decline in inventory is expected to be permanent

D) Income taxes are accrued using effective tax rate expected for the annual period

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9408363

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