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Although the common period in business is a year, sometimes business relationships require a period of less than a year. This calls for special accounting

Although the common period in business is a year, sometimes business relationships require a period of less than a year. This calls for special accounting treatment.

Respond to the following questions regarding interim reporting:

Under Generally Accepted Accounting Principles, what is the definition of an interim report?

When must interim reports be reported?

How must interim reports be reported?

Provide an example of an interim financial statement.

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